HONG KONG: China's financially beleaguered property developer Country Garden promised 'five-star living' to the masses in less popular, smaller cities but focusing on those areas has come back to hau
promised"five-star living" to the masses in less popular, smaller cities but focusing on those areas has come back to haunt it.
In 2022, Country Garden made 62 per cent of its sales in smaller, less well-known areas that include so-called tier-three and tier-four cities such as the northern city of Dezhou and Maoming in the south. More than three-quarters of its land reserve for future development was also held in these types of cities.
Country Garden's sales in 2020 were 570.7 billion yuan , but that slipped to 357.5 billion yuan in 2022. Lower sales, coupled with tighter access to fresh funding in recent years worsened the cash squeeze. In March, Country Garden Chairperson Yang Huiyan announced the firm would reduce its presence in smaller cities, after reporting a 90 per cent drop in core profit for 2022 and a record net loss of 6.1 billion yuan. But that has seemingly come too late.
The real estate sector contributes the bulk of revenues to local governments through property taxes and land sales. In 2022, taxes provided 6.9 per cent of local government revenues with 23.9 per cent from sales, for a total of 30.8 per cent, according to a report from Lu Ting, Chief China economist at Nomura.
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