Welcome to The Brink. This is Kevin Simauchi in New York and Scott Squires in Buenos Aires, where we have been looking at Argentina’s bond markets ahead of the first round of presidential elections. We also have news on US pharmacy chain Rite Aid, Chinese developer Country Garden and Venezuelan oil company PDVSA. Follow this … Read more
I’m Shawn Donnan, a senior writer for economics in Washington. Today I’m looking at the strategic implications of China’s slowdown. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X, the social media platform formerly known as Twitter, via @economics. And if you aren’t yet signed up to receive this newsletter, you … Read more
China Evergrande Group slumped as much as 87% in Hong Kong trading following a 17-month halt, becoming a penny stock as the country’s most-indebted developer unveiled more losses and delayed meetings with creditors. The decline to HK$0.35 as of the lunch break on Monday shrank its market value to just HK$4.6 billion ($586 million) from … Read more
Country Garden Holdings Co., once China’s biggest real estate developer, is edging toward a default. The distressed builder suspended trading in nearly a dozen onshore bonds Monday, paving the way for debt negotiations and a possible restructuring. Investment bank CICC International Capital Corp. has been engaged to explore optionsBloomberg Terminal for the company, including extending … Read more
Default is a taboo most companies are keen to avoid. But sometimes, business operations demand it. Even the bond investors don’t mind. Country Garden Holdings Co., once China’s biggest real-estate developer by sales, is walking a tightrope. A scrapped share placement last week fueled concerns whether the company has enough money to repay its dollar … Read more