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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