She doesn’t look old enough to manage an apartment complex.
Posted on 08/09/2023 5:01:51 PM PDT by anthropocene_x
A debt crisis that rivals China Evergrande Group’s default may be brewing in the world’s second-largest economy.
Country Garden Holdings Co., helmed by one of China’s richest women, Yang Huiyan, has left investors in the dark after dollar bondholders said they’ve yet to receive coupon payments effectively due Monday. That puts the firm—which had 1.4 trillion yuan ($199 billion) of total liabilities at the end of last year—on course for its first public default if it doesn’t make the payments within a 30-day grace period.
“Any default would impact China’s housing market more than Evergrande’s collapse as Country Garden has four times as many projects,” Bloomberg Intelligence analyst Kristy Hung wrote in a report Wednesday. “Any debt crisis at Country Garden will have a far-reaching impact on China’s housing market sentiment and could significantly weaken buyer confidence on solvent private developers.”
The prolonged slump in China’s property sector has brought previously sound companies to their knees, with the likes of Central China Real Estate Ltd., a state-backed developer, repeatedly using grace periods to buy time before stopping payments.
(Excerpt) Read more at fortune.com ...
Is she still in China?
The coming depression will be terrible and global
She doesn’t look old enough to manage an apartment complex.
The Battle of the Bankrupts: USA Commercial Re vs China Residential
A $199 billion house of cards is quite a feat.
One - Something’s got to give
Two - Something’s got to give
Three - Something’s got to give
Now!
Let the bodies hit the floor
Let the bodies hit the floor
Let the bodies hit the floor!
— Drowning Pool
Kinda makes ya wonder if Mitch’s in-laws have their fingers in this somehow.
She’s 42 - but it was her father’s company that she took over.
Lots unwise investments in China. They have never experienced a burst real estate bubble and do not think it will happen in Chi a because China is the great new power.
https://en.wikipedia.org/wiki/Evergrande_Group
It is incorporated in the Cayman Islands, a British Overseas Territory, and headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China.[5] It was founded in 1996 by Xu Jiayin.
https://www.cnn.com/2023/08/09/business/country-garden-yang-huiyan-fortune/index.html
Her net worth has plunged 84% since June 2021, or $28.6 billion, according to the Bloomberg Billionaires index.
Yang’s current net worth is $5.5 billion,
She looks late 20’s in that photo . Wow !
She looks like most the dms I get on X
Old enough to run a huge Ponzi scheme.
It’s an old photo.
Here is what she looks like.
https://im.indiatimes.in/content/2022/Jul/Yang-Huiyan-asia-richest-woman_62e23a2f214c5.jpg
China will never be honest about their financial status to their BRIC partners...
Yang Huiyan (July 20, 1981 - ), a native of Shunde , Guangdong , an entrepreneur in mainland China, the second daughter of Yang Guoqiang , the founder of Country Garden Group, is currently the chairman of the board of directors of Country Garden . Known as the richest man in Asia. Obtained a Cyprus passport [3] on October 23, 2018 .
In 1981, Yang Huiyan was born in Shunde , Guangdong . Her father was Yang Guoqiang , the founder, chairman of the board and major shareholder of Country Garden Group , a real estate developer in Guangdong Province . After that, he graduated from the Marketing and Logistics Department of The Ohio State University with a Bachelor of Arts degree and Tsinghua Wudaokou Finance EMBA [4] .
Married in 2006 , her husband Chen Chong graduated from Tsinghua University and studied in the United States .
On April 20, 2007, Yang Huiyan received 9.52 billion shares of Country Garden from her father Yang Guoqiang , which is equivalent to 70% of Country Garden’s equity. Therefore, 25-year-old Yang Huiyan immediately became the new richest woman in mainland China that day, with a total value of 69.2104 billion Hong Kong dollars in stocks at that time.
In November 2007, Forbes released the Forbes 2007 China Rich List, and Yang Huiyan became the richest man in China with US$16 billion (120.13 billion yuan). In March 2008, Forbes released the Forbes 2008 Billionaires List, Yang Huiyan ranked 125th among the world’s richest people with US$7.4 billion (52.5 billion yuan). Net worth of $3.9 billion in 2009. In March 2012, the net worth was 4.7 billion US dollars (Forbes ranked 223 in the world, and the eighth in mainland China). In 2017, she once again became the richest woman in mainland China with a wealth of 160 billion [5] . In 2019, Forbes released the Forbes 2019 Billionaires List ranked 42nd, with assets reaching 22.1 billion US dollars [6] .
On March 1, 2023, Country Garden announced that Yang Guoqiang proposed to resign as the chairman and executive director of the company due to his age. Chairman of the Governance Committee, Chairman of the Executive Committee, and member of the Remuneration Committee. [7]
The Chinese real estate industry is as sketchy and fragile as its construction techniques.
CC
They’re gonna need a war.
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