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Country Garden’s Home Sales Tank 57% as Liquidity Stress Worsens
Residential buildings under construction at Country Garden Holdings Co.'s Century Center development in Foshan, China.Photographer: Qilai Shen/Bloomberg
By Bloomberg News
September 5, 2024 at 6:23 PM GMT+8
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Country Garden Holdings Co.’s sales slump dragged on in August, exacerbating the Chinese developer’s liquidity woes as it battles a wind-up petition.
Contracted sales for August declined 57% from a year earlier to 3.43 billion yuan ($483 million), following a 72% drop in July, according to an exchange filing on Thursday.
JPMorgan Abandons Recommendation to Buy China Stocks Ahead of US Election
Bank cuts stocks recommendation to neutral from overweight
It joins UBS, Nomura in downgrading China exposure recently
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'Nervy Week' for Markets, JPMorgan Asset Management's Craig Says
By Jacob Gu and Abhishek Vishnoi
September 5, 2024 at 6:13 AM GMT+8
Updated on
September 5, 2024 at 11:13 AM GMT+8
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JPMorgan Chase & Co. abandoned its buy recommendation for Chinese stocks, citing heightened volatility around the upcoming US elections in addition to growth headwinds and tepid policy support.
China was downgraded to neutral from overweight in the bank’s emerging markets allocation, strategists led by Pedro Martins wrote in a note Wednesday. The potential for another trade war between Washington and Beijing could weigh on shares, while China’s moves to lift itself out of its economic slump remain “underwhelming,” they said.