Gã khổng lồ bất động sản của Trung Quốc phải đối mặt với chủ nợ muốn tháo dỡ

Country Garden là nhà phát triển lớn nhất Trung Quốc nhưng hết tiền. Người cho vay đang đưa vấn đề này ra tòa ở Hồng Kông, một dấu hiệu cho thấy thị trường đang tiếp tục gặp khó khăn

Country Garden, China’s largest real estate (bất động sản) developer as recently as 2022, said on Wednesday that a creditor had asked a Hong Kong court to liquidate (thanh toán nợ) its operations and pay off lenders, in the latest sign that China’s housing crisis (khủng hoảng nhà ở) continues unabated.

Ever Credit, a Hong Kong lender, is petitioning the city’s High Court (tòa án tối cao) to shut down Country Garden. The court filing involves Country Garden’s failure (thất bại) to repay a loan of $204 million plus interest owed to Ever Credit, the real estate developer told the Hong Kong stock market.

More than 50 Chinese property developers have defaulted on debts since 2021. They have refused to repay overseas creditors while still making arrangements (sắp xếp) with Chinese banks for possible eventual repayment.

Most of the assets of Chinese developers are in mainland China, where courts might not recognize liquidation orders from Hong Kong. Even if mainland courts order liquidation sales (tòa án đại lục ra lệnh bán thanh lý) of developers’ buildings, China’s increasingly strict limits on moving money out of the mainland could make it hard for creditors to lay their hands on the proceeds of those sales.

China’s real estate developers relied for many years on selling apartments before they were built, and then using the cash to finish other apartments that had previously been promised to other buyers. But that financial model (mô hình tài chính) has fallen apart (sụp đổ) as households have recoiled from dealings with private-sector developers that are having trouble finishing previous deals.

Country Garden’s presales of unfinished apartments plummeted 74 percent in the second half of last year from the same period in 2022. And the overall real estate industry’s troubles in China are growing even worse this year, with preliminary data showing that sales plunged another 40 percent at Lunar New Year this month compared with the same holiday last year.

source: nytimes,

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