Yang Huiyan has seen her wealth plunge by a whopping $24.8 billion over the past two years, as shares of Country Garden have dropped to an all-time low.
Still, liquidity has been under “a lot of pressure,” and “we can’t rule out the default,” says Warut Promboon, a Hong Kong-based managing partner at research firm Bondcritic. Ultimately, survival “depends on upcoming support from the government and state-influenced banks,” he says.
Together, they are responsible for steering a business the elder Yeung founded in 1992, and grew by offering residences outside major urban centers. Country Garden’s strategy enabled its fast growth with relatively lower costs in acquiring land sites. After taking over, his daughter Now, the main property operation says it will “actively seek guidance and support from the government and regulatory authorities,” according to the aforementioned late July filing. It will also consider adopting measures such as cutting operating expenses and accelerating loan collection to protect cash flow, according to the filing.
Amid all the uncertainties, Yang has pointed to another strategy. When releasing its 2022 annual results, the companyto increase its landbank in tier-1 and tier-2 cities to about half of the total by value over the next three to five years.
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