In July, female billionaire Yang’s net worth dropped from nearly $24 billion to only about $11.5 billion as China’s real estate market fluctuated wildly. Ms. Yang is no longer the richest woman in Asia.
Shares of Country Garden are down about 60% by 2022. This real estate developer is facing a liquidity crisis, in danger of default. Fitch Ratings downgraded Country Garden’s credit rating to non-investment.
Provisional financial statements as of June 30, 2022, the company has debt of 524.25 billion yuan ($75 billion) through mid-2023.
In addition to the support from the largest shareholder, Country Garden has also implemented many financial balancing solutions in the past two months.
On the sheet Bloomberg, Ting Meng – senior credit analyst at ANZ Bank China – assessed, Country Garden is a private developer with a higher debt ratio than other businesses, bonds are more volatile when the market school falls. However, this is one of the few real estate developers that has not defaulted.