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| Facing a potential financial collapse, the embattled Chinese property developer Country Garden on Thursday denied rumors that its two most prominent executives had fled China. | 周四，面对潜在的财务崩溃，陷入困境的中国房地产开发商碧桂园否认了两名最重要的高管已逃离中国的传言。 |
| Country Garden took the unusual step of issuing a statement on its WeChat social media account declaring that Yang Guoqiang, the company’s founder, and his daughter Yang Huiyan, its chairwoman and majority shareholder, were “currently working normally in China.” It said rumors that the two had left the country were having “an adverse impact” during “a difficult period” for the company. | 碧桂园一反常态地在其微信公众号上发声明称，该公司创始人杨国强及女儿——担任公司主席兼大股东的杨惠妍“目前在国内正常工作”。声明中表示，关于二人已离境的谣言在公司的“困难时期”造成了“恶劣影响”。 |
| The statement was issued a day after the company faced a deadline to make a $15 million interest payment on an overseas bond. Missing the payment would allow creditors to declare the debt-laden firm in default. | 该声明发布的前一天是碧桂园支付1500万美元海外债券利息的最后期限。如果不能按时付款，债权人就可以宣布这家负债累累的公司违约。 |
| In a sign of China’s deepening property crisis, Country Garden, once the country’s biggest home builder, is scrambling to stave off collapse amid a sharp downturn in sales. For the last few months, it has been unloading assets and selling shares to raise money to meet its significant debt obligations. | 在楼市急剧下滑之际，碧桂园作为曾经中国最大的住宅建筑商正在竭力避免破产，反映出中国房地产危机的日益加深。过去几个月，该公司一直在抛售资产股票，筹集资金偿还巨额债务。 |
| Last week, Country Garden, with $187 billion in liabilities, said it expected to miss an overseas debt payment, fueling speculation that it was preparing to default on its loans. The company said the property slump had put its cash position “under significant pressure.” | 上周，负债达1.4万亿元的碧桂园表示预计将无法偿还一笔海外债务，这加剧了外界对其将要违约的猜测。该公司表示，房地产市场的低迷导致其流动性“持续紧张”。 |
| Since that announcement, investors have been closely watching whether Country Garden would make an interest payment on a dollar-denominated bond due in 2025. The company had already missed the initial deadline to make the payment last month, and then had a 30-day grace period to deliver the missing funds. | 自公告发出以来，投资者一直在密切关注碧桂园是否会为一笔2025年到期的美元债券支付利息。该公司已经错过了上个月的原定支付限期，随后获得了30天的付款宽限期。 |
| In a report on Wednesday, the research firm CreditSights said holders of that bond had not received payment yet. | 研究公司CreditSights在周三的一份报告中表示，该债券的持有者尚未收到付款。 |
| “The road to restructuring is likely to be long and bumpy,” CreditSights wrote, referring to Country Garden. | CreditSights在提及碧桂园时写道，“重组之路可能漫长而坎坷。” |
| A Country Garden spokeswoman declined to comment on whether it had made the payment or not. | 碧桂园发言人拒绝就该公司是否支付了这笔款项发表评论。 |
| Country Garden may now face a fate similar to China Evergrande, which filed for bankruptcy protection in August and is negotiating with creditors on how to restructure its debt. The two companies once competed to be China’s biggest nonstate-owned property developer, but they are now sifting through assets for ways to repay some of what they owe to their creditors. | 碧桂园未来的命运可能与中国恒大集团类似。恒大在8月申请了破产保护，目前正在与债权人就如何重组债务进行协商。这两家企业曾经争夺中国地产民企龙头老大的位置，但如今都在筛选资产，寻找偿还部分债务的办法。 |
| Evergrande is also facing a different set of problems. The company announced last month that Hui Ka Yan, its chairman and billionaire founder, was under suspicion by the authorities of criminal wrongdoing. Evergrande’s statement seemed to confirm reports that Mr. Hui was under a form of house arrest by the Chinese authorities. Other current and former Evergrande executives are now entangled in criminal investigations in China. | 恒大面临的问题还有所不同。该公司上个月宣布，身家亿万的董事长兼创始人许家印被当局怀疑涉嫌违法犯罪。恒大的声明似乎证实了许家印已被中国当局软禁的报道。其他现任和前任恒大高管目前也卷入了中国的违法犯罪调查。 |
| Market confidence in China’s property industry has fallen sharply. The government reported on Wednesday that investments in real estate development were down 9.1 percent in the first nine months of the year compared with the same period in 2022. | 市场对中国房地产业的信心已大幅下降。政府周三报告称，今年前九个月全国房地产开发投资比去年同期下降了9.1%。 |
| A default by Country Garden, once considered a model of fiscal responsibility in a Chinese property industry awash with reckless borrowing, would underscore the depth and scope of China’s real estate crisis. In the last three years, dozens of Chinese property developers have failed to pay off their debts, but Country Garden had largely remained above the fray. | 在中国充斥着肆意借贷的房地产行业，碧桂园曾被认为是履行财务责任的典范，该公司的违约凸显了中国房地产危机的深重程度。过去三年，有数十家中国房地产开发商未能偿还债务，但碧桂园基本没有陷入困境。 |
| Country Garden was often celebrated for the rags-to-riches story of its founder, Mr. Yang, a former farmer and construction worker who once stated that he was so poor growing up that he didn’t wear shoes for the first 17 years of his life. | 碧桂园以创始人杨国强白手起家的故事而时常为人所称道。杨国强本是位农民工，他说自己儿时穷到了17岁之前都没穿过鞋的地步。 |
| Before the company’s stock listed in a public offering in 2007, he transferred his majority stake in Country Garden to his second daughter, Ms. Yang. At one point, she was the richest woman in Asia with a fortune estimated as high as $29 billion. | 在碧桂园于2007年上市前，他把公司的多数股权转让给二女儿杨惠妍。杨惠妍一度成为亚洲女首富，财富规模估计高达2250亿元。 |
| Ms. Yang served as co-chair of the company with her father until March when she took over the role exclusively. She still holds 53 percent of Country Garden’s shares. | 杨惠妍与杨国强都是碧桂园联席主席，直到今年3月她才独自担任这一职务。她仍持有碧桂园53%的股份。 |
| In late July, as Country Garden’s financial problems deepened, Ms. Yang donated roughly $800 million worth of stock in the company’s services subsidiary to a family charity run by her sister. The Hong Kong-based charity works on a wide range of causes including supporting science, education and culture as well as promoting rural revitalization in mainland China. A property developer’s services arm to support existing homeowners often remains profitable even if demand for new homes dries up. | 7月下旬，随着碧桂园财务问题加重，杨惠妍将服务部门子公司价值近59亿元的股票捐赠给了她妹妹经营的家族慈善机构。这家慈善机构总部在香港，业务十分广泛，包括支持科学、教育、文化以及促进中国大陆的乡村振兴事业。即便新房需求枯竭，由购房业主掏钱支撑的地产服务部门往往仍能盈利。 |
| Country Garden said last month that it still needed to repay nearly $15 billion in debt within the next 12 months. As presales of Country Garden’s unfinished apartments have plummeted, the company’s finances have deteriorated. It said it lost $7.1 billion in the first six months of the year. Presales were down 44 percent in the first nine months of 2023 from a year earlier. | 碧桂园上个月表示，未来12个月仍需偿还约1080亿元的债务。随着碧桂园未完工的楼盘预售额暴跌，其财务状况也在恶化。该公司表示，今年上半年亏损515亿元。2023年前9个月的预售额同比下滑了44%。 |
| Last week, Hong Kong-based Kingboard Holdings said it had taken legal action against Country Garden for missing payments on roughly $200 million of debt due in installments by the end of December. Last month, Country Garden raised $34 million by issuing new shares with the proceeds going to Kingboard, a materials and chemicals manufacturer with a property division owed money by Country Garden. | 上周，总部位于香港的建滔集团称已对碧桂园采取法律行动，因其未能偿还约14.6亿元的分期债务，这笔贷款将在12月底到期。上个月，碧桂园发新股融资约2.5亿元，所有收益款项均归建滔集团所有，这家化工产品制造商旗下的物业部门是碧桂园的债权方。 |
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