Country Garden Extends Sales Slump as Financial Woes Pile Up [BNN Bloomberg (Canada)]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
NASDAQ:AMEX Investor Relations:
en.bgy.com.cn
Company Research
Source: BNN Bloomberg
Contracted sales for March plunged 83% to 4.3 billion yuan ($590 million), following an 85% annual slide in February, corporate filings show. Sales rebounded 16% last month from February, traditionally a slower period with the Lunar New Year holiday. The sales drought exacerbates the cash crunch for Country Garden, whose crisis entered a new chapter after it made a surprise announcement last week that it will miss a deadline for reporting annual results due to insufficient information. The stock has been suspended from trading in Hong Kong due to the delay. Earlier this year, a Hong Kong court received a creditor's petition to wind up the company following its default on dollar debt. China's property sector so far has shown little hint of a turnaround. Private data showed March's home sales extended a steep decline from a year earlier and agencies don't expect a notable recovery this month. Property investment slumped 9% in the first two months, more than expected. Homebuyers a
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