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Market Daily Report: Bursa Malaysia Ends Higher On Continued Bargain-hunting

KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
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Country Garden Liquidation Hearing Adjourned to January 2025

A Hong Kong court has adjourned the hearing for the liquidation petition against Chinese developer Country Garden to January 20, 2025, providing a crucial reprieve as the company works to finalize its offshore debt restructuring plan.

Key Insights:

  1. Liquidation Petition:

    • Filed by Ever Credit Ltd, a unit of Hong Kong-listed Kingboard Holdings, in February due to non-payment of a US$205 million (RM951.25 million) loan.
    • Country Garden defaulted on US$11 billion worth of offshore bonds last year.

  2. Debt Restructuring Plans:

    • The developer plans to publish offshore debt restructuring term sheets to creditors in September.
    • It aims to seek court approval for the arrangement early next year.

  3. Industry Context:

    • The petition arises amidst Chinese authorities' efforts to revive the property sector, which has been in a debt crisis since mid-2021.
    • Several developers, including China Evergrande Group, have faced liquidation lawsuits due to offshore debt defaults.

  4. Support for Adjournment:

    • Country Garden's lawyer, Jose-Antonio Maurellet, highlighted substantial progress in debt restructuring with regular meetings between the company and advisers to creditors.
    • Both a bank lender group and a bondholder group supported the adjournment to allow the restructuring to proceed.

  5. Impact of Liquidation:

    • A liquidation order would further deteriorate the outlook for China’s property sector despite ongoing stimulus measures since 2022.
    • The developer currently employs over 40,000 full-time employees and manages 3,134 projects, primarily in mainland China.

  6. Market Reaction:

    • Shares of Country Garden in Hong Kong have been suspended from trading since April 2, pending the release of its 2023 financial results.

The adjournment offers a temporary relief to Country Garden, enabling it to present a viable debt restructuring plan and potentially avert liquidation. The ongoing restructuring efforts and their outcomes will be critical for the developer and the broader Chinese property sector.

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