I posted earlier on the resurgence of worry over the Chinese property sector:
Over the weekend China's Country Garden announced it'd be suspending trading of onshore bonds from Monday.
- will suspend trading of its 11 onshore bonds from Monday
- a resumption of trading of the bonds will be determined at a later date, the company said in filings to the Shenzen stock exchange
Country Garden said on Tuesday last week it had not paid two dollar bond coupons due on August 2, totalling US$22.5 million. And added on Thursday that it could report a loss of up to $7.6 billion for H1 2023.
Country Garden is China's top private property developer
- had liabilities totalling about US$194 billion at the end of 2022
- has set up a special working group led by its chairman to handle the current "difficulties", according to the company's filings
