{"id":608849,"date":"2023-10-26T00:00:00","date_gmt":"2023-10-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/country-garden-usd-bond-default-marks-milepost-in-chinas-real-estate-crisis\/"},"modified":"2023-10-26T00:00:00","modified_gmt":"2023-10-26T00:00:00","slug":"country-garden-usd-bond-default-marks-milepost-in-chinas-real-estate-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/26\/country-garden-usd-bond-default-marks-milepost-in-chinas-real-estate-crisis\/","title":{"rendered":"Country Garden USD bond default marks milepost in China\u2019s real estate crisis"},"content":{"rendered":"

Country Garden defaults on USD bond:<\/strong> Chinese developer Country Garden has been deemed to be in default on a USD bond payment for the first time, reports Bloomberg<\/a>. The developer failed to pay USD 15.4 mn of interest on a USD bond within the grace period that ended last week. China\u2019s property market accounts for 20% of GDP and news of Country Garden\u2019s default could send shockwaves through the national economy.<\/p>\n

Country Garden saw this coming:<\/strong> The missed payment follows a warning note<\/a> the developer issued earlier this month saying it expects to miss the payment. It is expected that the company will undergo the country\u2019s largest-ever corporate debt restructuring program. (Bloomberg<\/a> | Reuters<\/a> | Financial Times<\/a>)<\/p>\n

Another Gulf IPO in the works:<\/strong> Bahrain-based asset manager Investcorp Holding<\/a> is looking to raise some USD 321.5 mn from listing its investment vehicle Investcorp Capital on the ADX in a statement<\/a>. The subscription period will take place between 2-9 November, with trading expected to start on 17 November. Investcorp was initially looking<\/a> to raise some USD 600 mn from the listing.<\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

23,132<\/p>\n<\/td>\n

\n

+3.4% (YTD: +58.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,505<\/p>\n<\/td>\n

\n

+1.2% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,325<\/p>\n<\/td>\n

\n

+0.6% (YTD: -8.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,841<\/p>\n<\/td>\n

\n

+2.7% (YTD: +15.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,187<\/p>\n<\/td>\n

\n

-1.4% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,414<\/p>\n<\/td>\n

\n

+0.3% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,073<\/p>\n<\/td>\n

\n

-0.2% (YTD: +7.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 90.13<\/p>\n<\/td>\n

\n

+2.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.01<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,995<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 34,661<\/p>\n<\/td>\n

\n

+3.1% (YTD: +110.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 3.4% at yesterday\u2019s close<\/strong> on turnover of EGP 5.1 bn (125.4% above the 90-day average). Regional investors were net sellers. The index is up 58.5% YTD.<\/p>\n

In the green: <\/strong>TMG Holding (+20.0%), Oriental Weavers (+13.9%) and Egypt Kuwait Holding (+10.6%).<\/p>\n

In the red: <\/strong>Mopco (-6.2%), Orascom Construction (-2.0%) and AMOC (-0.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s bad news for China\u2019s property market, which accounts for 20% of GDP<\/p>\n","protected":false},"author":1,"featured_media":608850,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,130,72,119,122,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-608849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-china","tag-construction","tag-enterpriseam","tag-financial-markets","tag-planet-finance","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"f4b947d8-7556-448a-8b50-618d672ebf63","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1321.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Country 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USD 11 bn of outstanding offshore bonds","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/1104.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607908,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/11\/chinas-largest-property-developer-is-once-again-staring-at-default\/","url_meta":{"origin":608849,"position":1},"title":"China\u2019s largest property developer is once again staring at default","author":"enterpriseam admin","date":"11 October 2023","format":false,"excerpt":"Country Garden has warned that it will likely miss payments on some of its offshore payment obligations","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET 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