Sudden! Country garden reported the case

Country Garden, a well-known housing company, reported the case!

On the evening of July 31, 2024, Country Garden issued a statement saying that it noticed the video of the executives of the online rumor company, and the relevant network subjects maliciously fabricated and spread false content in order to obtain traffic. The company has reported the case to the public security organ.

Country garden reported the case

Country Garden Holdings Co., Ltd. issued a statement on the evening of July 31, saying that recently, the company noticed that the video of our executives was spread on the Internet, and the relevant network subjects maliciously fabricated and spread false content in order to obtain traffic. The company has reported the case to the public security organ. The company will take all necessary measures to fully safeguard the legitimate rights and interests of enterprises and employees.

The hearing of the liquidation petition was postponed until January next year.

On the evening of July 29th, Country Garden announced on the Hong Kong Stock Exchange that with the support of the Coordination Committee representing bank creditors and the project team representing bondholders, the Hong Kong High Court approved the company’s application for extension, and the hearing of the liquidation petition was postponed until January 20th, 2025.

Liquidation petition refers to the liquidation application filed by the company’s creditors or company members to the court. This process usually occurs when the company has operational difficulties due to excessive debts or other reasons. If the company’s application for liquidation is passed, the court will issue a compulsory liquidation order, requiring the company to realize its assets to repay its debts and distribute the remaining property.

In the announcement, Country Garden said that it was grateful to creditors for their continuous support and participation in the company’s work, and would continue to promote overseas debt restructuring in an orderly manner. The company will inform its shareholders and investors of any significant development of the petition and make a separate announcement in due course.

It is worth noting that this is not the first extension of Country Garden. On February 28th this year, the company announced that the petitioner Ever Credit Limited filed a liquidation petition with the High Court of the Hong Kong Special Administrative Region on February 27th, concerning the unpaid term loan with a principal of about HK$ 1.6 billion and accrued interest between the petitioner and the company. Country Garden said that it would strongly oppose the liquidation petition.

On June 6, Country Garden announced on the Hong Kong Stock Exchange that the Hong Kong High Court had ordered the hearing of the liquidation petition to be further postponed until July 29.

In the capital market, in March this year, Country Garden announced on the Hong Kong Stock Exchange that it is expected to take longer to complete the preparation of the consolidated financial statements for 2023, and it is impossible to publish the annual results for 2023 on schedule. In view of this, Country Garden has been suspended since the beginning of April this year. At present, the market value of Country Garden is about HK$ 13.6 billion.

Focus on important tasks such as ensuring delivery of houses.

Recently, the Ranking of the Delivery Scale of Real Estate Enterprises in China in the First Half of 2024 released by the Central Finger Research Institute shows that in the first half of the year, 15 enterprises delivered more than 20,000 sets, and 8 enterprises delivered more than 50,000 sets, among which Country Garden delivered more than 150,000 sets, ranking first in the industry.

The data shows that in the first half of the year, Country Garden delivered 154,500 sets, Greenland 74,400 sets and Vanke 74,000 sets, ranking the top three in the rankings. In addition, China Shipping, Greentown, Sunac,There are also more than 50,000 sets of Longhu. The Central Finger Research Institute pointed out that delivery has become the most important link in the business chain of real estate enterprises under the background of real estate gradually returning to the attributes of residence and people’s livelihood. The delivery power of real estate enterprises is not only the responsibility of social responsibility, but also the deeper expression of their product strength and competitiveness, which is the key to a long-term period based on long-termism.

Country Garden said on July 11 that in the face of industry challenges, the company continued to focus on ensuring the delivery of houses, showing its confidence and determination to respond positively. There are many bright spot delivery projects in various regions, and some projects are delivered in advance. Country Garden said that in the second half of this year, the primary focus of Country Garden is still to ensure the delivery of houses. Faced with the huge delivery task, all regions of Country Garden are promoting the project construction and delivery work in an orderly manner, insisting on strengthening the foundation to improve the project quality and strive to ensure the delivery quality.

In addition, on July 5th, Country Garden Group held a monthly management meeting. Yang Huiyan, Chairman of the Board of Directors of the Group, comprehensively analyzed the current situation of the real estate market and made clear the key strategic direction of the company in the second half of the year. In the face of industry challenges, the company continues to focus on important tasks such as ensuring the delivery of houses, showing confidence and determination to actively respond.

Mo Bin, president of Country Garden Group, said that the real estate policy continued to improve in the first half of this year. As long as the policy continues to improve, the real estate market will definitely improve. All employees should strengthen their confidence and do a good job in ensuring the delivery of houses. He stressed that it is necessary to take the initiative to communicate with the government and work together with the government.

In the second half of this year, Country Garden’s first priority is still to ensure the delivery of houses. Yang Huiyan stressed that while relying on the government closely, the company should respond quickly, strengthen internal communication and inter-departmental coordination, creatively solve problems, exhaust all kinds of resources to ensure the delivery of houses, insist that Qingshan will not relax and fight hard to ensure the delivery of houses.

The "white list" of real estate is an important measure for the government to support the development of the industry and ensure the delivery of houses. Mo Bin said that the company has been striving for the "white list" and it has also been supported by governments at all levels. He reminded that projects that have entered the "white list" should continue to actively communicate with local governments and financial institutions to ensure that the relevant projects are truly delivered.

The above-mentioned meeting also revealed the new progress of the Group’s two-wing business. Yang Huiyan introduced that in the first half of this year, the housing delivery of Jianke Group accounted for over 30% of the total delivery of Country Garden, and the housing delivery tasks in the next six months accounted for about half of the total. At the same time, Bo Zhilin maintained a relatively stable development, Bo ZhilinOver 900 projects have been applied, with a cumulative delivery of over 3,000 units and a cumulative application construction area of over 20 million square meters. The market expansion in Hong Kong has achieved initial results. In the aspect of entrusted construction, Country Garden Construction Management (Phoenix Zhituo) currently manages 34 projects, covering 19 cities across the country. In the first half of the year, it has comprehensively sorted out matrix management projects, classified them according to satisfaction and business indicators, and formulated targeted business measures to improve efficiency and satisfaction.

Earlier on June 5, foreign media reported that Country Garden Venture Capital, a subsidiary of Country Garden, was seeking to sell its shares in Changxin Storage Technology Co., Ltd. (referred to as "Changxin Storage"), raising about 2 billion yuan. However, the sale time is still under negotiation, and the final result is inconclusive. In response to the above news, Country Garden responded that the company is actively considering various strategies aimed at optimizing the asset-liability structure, including careful evaluation of the asset portfolio and exploring potential asset disposal opportunities.