Country Garden
06/30/2022
|
EBITDA Multiple
|
|||||||||
---|---|---|---|---|---|---|---|---|---|---|
(CNY in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
US$ Amt.
|
US$ Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
||||||||||
Bank and Other Borrowings
|
181,200.0
|
|
181,200.0
|
26,725.7
|
26,725.7
|
|
|
|
||
Total Bank and Other Borrowings
|
181,200.0
|
181,200.0
|
26,725.7
|
26,725.7
|
2.9x
|
2.9x
|
||||
Lease Liabilities
|
598.0
|
|
598.0
|
88.2
|
88.2
|
|
|
|
||
Total Lease Liabilities
|
598.0
|
598.0
|
88.2
|
88.2
|
2.9x
|
2.9x
|
||||
Bi RE1 - Sub
|
171.7
|
|
171.7
|
25.3
|
25.3
|
Apr-27-2036
|
-
|
|
||
Bi RE1 - Senior
|
1,545.3
|
|
1,545.3
|
227.9
|
227.9
|
Apr-27-2036
|
5.750%
|
|
||
17 Fung Huang Hotel C 1
|
351.0
|
|
351.0
|
51.8
|
51.8
|
Jul-12-2026
|
-
|
|
||
17 Fung Huang Hotel B 1
|
1,991.4
|
|
1,991.4
|
293.7
|
293.7
|
Jul-12-2026
|
6.800%
|
|
||
17 Fung Huang Hotel A 1
|
856.4
|
|
856.4
|
126.3
|
126.3
|
Jul-12-2026
|
6.000%
|
|
||
20 Hua Bi A1 2
|
950.0
|
|
950.0
|
140.1
|
140.1
|
May-27-2024
|
4.800%
|
|
||
20 Hua Bi B1 3
|
50.0
|
|
50.0
|
7.4
|
7.4
|
May-27-2024
|
-
|
|
||
Bi Sheng 02 - Sub 3
|
55.0
|
|
55.0
|
8.1
|
8.1
|
Sep-04-2023
|
-
|
|
||
Zhao Hui 15 - Sub 3
|
1.0
|
|
1.0
|
0.1
|
0.1
|
Jan-10-2023
|
-
|
|
||
Zhao Hui 15A 3
|
720.0
|
|
720.0
|
106.2
|
106.2
|
Jan-10-2023
|
5.500%
|
|
||
21 Yin Li - Sub 3
|
1.0
|
|
1.0
|
0.1
|
0.1
|
Dec-13-2022
|
-
|
|
||
21 Yin Li - Senior 3
|
283.0
|
|
283.0
|
41.7
|
41.7
|
Dec-13-2022
|
5.500%
|
|
||
Zhao Hui 14 - Sub 4
|
-
|
|
-
|
-
|
-
|
Aug-23-2022
|
-
|
|
||
Zhao Hui 14A 4
|
-
|
|
-
|
-
|
-
|
Aug-23-2022
|
3.980%
|
|
||
21 Yin Li 3S 4
|
-
|
|
-
|
-
|
-
|
Aug-23-2022
|
-
|
|
||
21 Yin Li 3A 4
|
-
|
|
-
|
-
|
-
|
Aug-23-2022
|
4.290%
|
|
||
21 Yin Li 2S 5
|
-
|
|
-
|
-
|
-
|
Jul-22-2022
|
-
|
|
||
21 Yin Li 2A 5
|
-
|
|
-
|
-
|
-
|
Jul-22-2022
|
4.350%
|
|
||
21 Hong Ji 3A 6
|
-
|
|
-
|
-
|
-
|
Jul-04-2022
|
4.340%
|
|
||
Hong Ji 3 - Sub 6
|
-
|
|
-
|
-
|
-
|
Jul-04-2022
|
-
|
|
||
Total ABS
|
6,975.8
|
6,975.8
|
1,028.9
|
1,028.9
|
3.0x
|
3.0x
|
||||
21 Guangdong Giant Leap MTN003 7
|
800.0
|
|
800.0
|
118.0
|
118.0
|
Aug-12-2025
|
4.690%
|
|
||
21 Guangdong Giant Leap MTN002 8
|
1,270.0
|
|
1,270.0
|
187.3
|
187.3
|
Jul-21-2025
|
4.620%
|
|
||
21 Guangdong Giant Leap MTN001 9
|
1,000.0
|
|
1,000.0
|
147.5
|
147.5
|
May-06-2025
|
4.700%
|
|
||
21 Guangdong Giant Leap 01 10
|
2,000.0
|
|
2,000.0
|
295.0
|
295.0
|
Jan-08-2025
|
4.270%
|
|
||
20 Guangdong Giant Leap 02 11
|
2,000.0
|
|
2,000.0
|
295.0
|
295.0
|
Nov-23-2024
|
4.640%
|
|
||
20 Guangdong Giant Leap 01 12
|
2,000.0
|
|
2,000.0
|
295.0
|
295.0
|
Sep-15-2024
|
4.280%
|
|
||
16 Guangdong Giant Leap 02 13
|
492.3
|
|
492.3
|
72.6
|
72.6
|
Oct-21-2023
|
4.500%
|
|
||
16 Bi Yuan 05
|
3,904.0
|
|
3,904.0
|
575.8
|
575.8
|
Sep-02-2023
|
5.650%
|
|
||
21 Bi Di 02 14
|
1,100.0
|
|
1,100.0
|
162.2
|
162.2
|
Jun-15-2026
|
4.800%
|
|
||
21 Bi Di 01 15
|
2,000.0
|
|
2,000.0
|
295.0
|
295.0
|
Mar-12-2026
|
4.800%
|
|
||
21 Bi Di 04 16
|
1,000.0
|
|
1,000.0
|
147.5
|
147.5
|
Dec-17-2025
|
6.300%
|
|
||
20 Bi Di 04 17
|
1,778.0
|
|
1,778.0
|
262.2
|
262.2
|
Nov-03-2025
|
4.150%
|
|
||
20 Bi Di 03 18
|
2,000.0
|
|
2,000.0
|
295.0
|
295.0
|
Sep-24-2025
|
4.380%
|
|
||
21 Bi Di 03 19
|
1,435.0
|
|
1,435.0
|
211.7
|
211.7
|
Sep-14-2025
|
4.330%
|
|
||
20 Bi Di 02 20
|
1,360.0
|
|
1,360.0
|
200.6
|
200.6
|
Jul-07-2025
|
4.190%
|
|
||
22 Bi Di 01 21
|
500.0
|
|
500.0
|
73.7
|
73.7
|
May-24-2025
|
4.500%
|
|
||
20 Bi Di 01 22
|
3,400.0
|
|
3,400.0
|
501.5
|
501.5
|
Apr-01-2025
|
4.200%
|
|
||
19 Bi Di 03 23
|
992.7
|
|
992.7
|
146.4
|
146.4
|
Nov-20-2023
|
4.980%
|
|
||
19 Bi Di 02 23
|
2,209.2
|
|
2,209.2
|
325.8
|
325.8
|
Aug-01-2023
|
4.500%
|
|
||
Total Onshore Bonds
|
31,241.2
|
31,241.2
|
4,607.8
|
4,607.8
|
3.5x
|
3.5x
|
||||
$700 Million 4.750% Senior Notes Due 2022 24
|
-
|
|
-
|
-
|
-
|
Jul-25-2022
|
4.750%
|
|
||
$610 Million 4.750% Senior Notes Due 2023 25
|
4,137.3
|
|
4,137.3
|
610.2
|
610.2
|
Jan-17-2023
|
4.750%
|
|
||
$1000 Million 8.000% Senior Notes Due 2024
|
6,782.5
|
|
6,782.5
|
1,000.4
|
1,000.4
|
Jan-27-2024
|
8.000%
|
|
||
$550 Million 6.500% Senior Notes Due 2024
|
3,730.4
|
|
3,730.4
|
550.2
|
550.2
|
Apr-08-2024
|
6.500%
|
|
||
$750 Million 5.125% Senior Notes Due 2025 26
|
5,086.9
|
|
5,086.9
|
750.3
|
750.3
|
Jan-17-2025
|
5.125%
|
|
||
$544 Million 5.400% Senior Notes Due 2025
|
3,689.7
|
|
3,689.7
|
544.2
|
544.2
|
May-27-2025
|
5.400%
|
|
||
$500 Million 6.150% Senior Notes Due 2025
|
3,391.3
|
|
3,391.3
|
500.2
|
500.2
|
Sep-17-2025
|
6.150%
|
|
||
$500 Million 3.125% Senior Notes Due 2025 27
|
6,782.5
|
|
6,782.5
|
1,000.4
|
1,000.4
|
Oct-22-2025
|
3.125%
|
|
||
$500 Million 4.200% Senior Notes Due 2026
|
3,391.3
|
|
3,391.3
|
500.2
|
500.2
|
Feb-06-2026
|
4.200%
|
|
||
$1345 Million 7.250% Senior Notes Due 2026 28
|
9,122.5
|
|
9,122.5
|
1,345.5
|
1,345.5
|
Apr-08-2026
|
7.250%
|
|
||
$700 Million 2.7% Senior Notes Due 2026 29
|
4,747.8
|
|
4,747.8
|
700.3
|
700.3
|
Jul-12-2026
|
2.700%
|
|
||
$324 Million 5.625% Senior Notes Due 2026
|
2,195.4
|
|
2,195.4
|
323.8
|
323.8
|
Dec-15-2026
|
5.625%
|
|
||
$550 Million 5.125% Senior Notes Due 2027
|
3,730.4
|
|
3,730.4
|
550.2
|
550.2
|
Jan-14-2027
|
5.125%
|
|
||
$450 Million 5.625% Senior Notes Due 2030
|
3,052.1
|
|
3,052.1
|
450.2
|
450.2
|
Jan-14-2030
|
5.625%
|
|
||
$500 Million 4.800% Senior Notes Due 2030
|
3,391.3
|
|
3,391.3
|
500.2
|
500.2
|
Aug-06-2030
|
4.800%
|
|
||
$500 Million 3.875% Senior Notes Due 2030
|
3,391.3
|
|
3,391.3
|
500.2
|
500.2
|
Oct-22-2030
|
3.875%
|
|
||
$700 Million 3.3% Senior Notes Due 2031
|
4,747.8
|
|
4,747.8
|
700.3
|
700.3
|
Jan-12-2031
|
3.300%
|
|
||
Total Offshore Bonds
|
71,370.5
|
71,370.5
|
10,526.6
|
10,526.6
|
4.7x
|
4.7x
|
||||
THB 1.5 Billion 4.75% Senior Notes Due 2022 30
|
-
|
|
-
|
-
|
-
|
Jul-24-2022
|
4.750%
|
|
||
MYR 60 Million 4.13% MTN Due 2022 31
|
-
|
|
-
|
-
|
-
|
Jul-26-2022
|
4.130%
|
|
||
THB 575 Million 3.7% Senior Notes Due 2022 32
|
110.1
|
|
110.1
|
16.2
|
16.2
|
Oct-01-2022
|
3.700%
|
|
||
MYR 200 Million 6.6% Senior Notes Due 2023 33
|
303.7
|
|
303.7
|
44.8
|
44.8
|
Feb-23-2023
|
6.600%
|
|
||
MYR 100 Million 5% MTN Due 2023 34
|
151.9
|
|
151.9
|
22.4
|
22.4
|
Feb-20-2023
|
5.000%
|
|
||
MYR 65 Million 5.4% MTN Due 2023 35
|
98.7
|
|
98.7
|
14.6
|
14.6
|
Jun-09-2023
|
5.400%
|
|
||
THB 400 Million 4% Senior Notes Due 2023 32
|
76.6
|
|
76.6
|
11.3
|
11.3
|
Oct-19-2023
|
4.000%
|
|
||
THB 374.4 Million 4.75% Senior Notes Due 2024 32
|
71.7
|
|
71.7
|
10.6
|
10.6
|
Oct-01-2024
|
4.750%
|
|
||
MYR 295 Million 5.25% Senior Notes Due 2025 33
|
448.0
|
|
448.0
|
66.1
|
66.1
|
Mar-27-2025
|
5.250%
|
|
||
MYR 50 Million 4.9% MTN Due 2026 33
|
75.9
|
|
75.9
|
11.2
|
11.2
|
May-04-2026
|
4.900%
|
|
||
MYR 100 Million 5.7% Senior Notes Due 2027 36
|
151.9
|
|
151.9
|
22.4
|
22.4
|
Mar-02-2027
|
5.700%
|
|
||
Total Offshore MYR and THB Bonds
|
1,488.5
|
1,488.5
|
219.5
|
219.5
|
4.7x
|
4.7x
|
||||
HKD 3 Billion 4.5% Convertible Bonds Due 2023 37
|
2,595.0
|
|
2,595.0
|
382.7
|
382.7
|
Dec-05-2023
|
4.500%
|
|
||
HKD 3.9 Billion 4.95% Convertible Bonds Due 2026 38
|
3,187.1
|
|
3,187.1
|
470.1
|
470.1
|
Jul-28-2026
|
4.950%
|
|
||
Total Convertibele Bonds
|
5,782.1
|
5,782.1
|
852.8
|
852.8
|
4.8x
|
4.8x
|
||||
Total Debt
|
298,656.1
|
298,656.1
|
44,049.6
|
44,049.6
|
4.8x
|
4.8x
|
||||
Less: Cash and Equivalents
|
(116,217.8)
|
(116,217.8)
|
(17,141.3)
|
(17,141.3)
|
||||||
Plus: Restricted Cash
|
46,215.0
|
46,215.0
|
6,816.4
|
6,816.4
|
||||||
Net Debt
|
228,653.3
|
228,653.3
|
33,724.7
|
33,724.7
|
3.7x
|
3.7x
|
||||
Plus: Market Capitalization
|
57,573.3
|
57,573.3
|
8,491.6
|
8,491.6
|
||||||
Enterprise Value
|
286,226.6
|
286,226.6
|
42,216.3
|
42,216.3
|
4.6x
|
4.6x
|
||||
Operating Metrics
|
US$ Amt.
|
|||||||||
LTM Reorg EBITDA
|
62,357.0
|
9,197.2
|
||||||||
|
||||||||||
Liquidity
|
||||||||||
Plus: Cash and Equivalents
|
116,217.8
|
17,141.3
|
||||||||
Less: Restricted Cash
|
(46,215.0)
|
(6,816.4)
|
||||||||
Total Liquidity
|
70,002.8
|
10,324.9
|
||||||||
Credit Metrics
|
||||||||||
Gross Leverage
|
4.8x
|
|||||||||
Net Leverage
|
3.7x
|
|||||||||
Notes: Sources: Reorg, company filing, Wind; NCI: RMB 105.554 Billion; Guarantees provided to JVs/ associates/ other related parties: RMB 34.701 Billion 1. by subsidiary Zengcheng Country Garden Property Development Co., Ltd. 2. by Country Garden Properties Group Co. Ltd.; Puttable May 27, 2023 3. by Country Garden Properties Group Co. Ltd. 4. by Country Garden Properties Group Co. Ltd.; Matured on August 23, 2022 5. by Country Garden Properties Group Co. Ltd.; Matured on July 22, 2022 6. by Country Garden Properties Group Co. Ltd.; Matured on July 04, 2022 7. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable Aug. 12, 2023 8. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable July 21, 2023 9. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable May 6, 2023 10. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable Jan. 8, 2023 11. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable Nov. 23, 2022 12. by subsidiary Guangdong Giant Leap Construction Co. Ltd.; Puttable Sept. 15, 2022 13. by subsidiary Guangdong Giant Leap Construction Co. Ltd. 14. Issued by Country Garden Properties Group Co. Ltd.; Puttable June 15, 2024 15. Issued by Country Garden Properties Group Co. Ltd.; Puttable March 12, 2024 16. Issued by Country Garden Properties Group Co. Ltd.; Puttable Dec. 17, 2023 17. Issued by Country Garden Properties Group Co. Ltd.; Puttable Nov. 3, 2023 18. Issued by Country Garden Properties Group Co. Ltd.; Puttable Sept. 24, 2023 19. Issued by Country Garden Properties Group Co. Ltd.; Puttable Sept. 14, 2023 20. Issued by Country Garden Properties Group Co. Ltd.; Puttable July 7, 2023 21. Issued by Country Garden Properties Group Co. Ltd.; Issued on May 20, 2022; Puttable May 24, 2023 22. Issued by Country Garden Properties Group Co. Ltd.; Puttable April 1, 2023 23. Issued by Country Garden Properties Group Co. Ltd. 24. Repurchased on Jan. 17, Feb. 04, March 13, May 2 and June 24, 2022; Total movement: $427.6M; Matured on July 25, 2022 25. Repurchased on March 3, March 13 and May 2, 2022; Total movement: $15M 26. Additional $150M issued on Sept. 4, 2018 was consolidated and formed a single series with the 2025 Notes. 27. Additional $500M issued on May 18, 2021 was consolidated and formed a single series with the 2025 Notes. 28. Repurchased on Jan. 17, 2022, Total movement $5M. 29. Additional $200M issued on July 20, 2021 was consolidated and formed a single series with the 2026 Notes. 30. by subsidiary Risland (Thailand) Company Ltd.; Matured on July 24, 2022 31. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha); Matured on July 26, 2022 32. by subsidiary Risland (Thailand) Company Ltd. 33. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha) 34. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha); Issued on March 18, 2022 35. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha); Issued on June 9, 2022 36. by subsidiary Country Garden Real Estate Group Sdn Berhad; Islamic Sukuk (Murabaha); The MYR sukuks and THB bonds are guaranteed by Country Garden Holdings Co. Ltd. 37. Issued by Smart Insight International Ltd.; The convertible bonds are guaranteed by Country Garden Holdings Co. Ltd. and certain subsidiaries of the Group 38. Issued by Smart Insight International Ltd. on Jan. 28, 2022; Puttable Jan. 28, 2024; The convertible bonds are guaranteed by Country Garden Holdings Co. Ltd. and certain subsidiaries of the Group US$ Translation: CNY/USD rate used for USD conversion is 6.78. |
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