Just how cash-strapped embattled Country Garden Holdings is will be the focus when China's largest private property developer is due to report its first-half results on Wednesday.
is will be the focus when China's largest private property developer is due to report its first-half results on Wednesday.
Like its peers, the company, which was China's largest property developer by sales volumes until this year,by a drop in margins as property sales and the value of the homes themselves plummeted in China's slowing economy. Lower sales, coupled with tighter access to fresh funding in recent years, worsened its cash squeeze.
Because most of its funds are locked up in the escrow accounts of project contractors to ensure the delivery of homes over the next two years, there is little cash left for repaying debt at the group level, a company official said. JP Morgan has estimated it would cost about 316 billion yuan to finish all the company's projects under construction, including both sold and unsold flats.
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