Country Garden Reports 2021 Financial Results, Revenue Grows 13% to US$82.2 Billion

FOSHAN, China, March 31, 2022 /PRNewswire/ — About March 30Country Garden Holdings Company Limited (“Country Garden”) (02007.HK) released its 2021 financial results. The company maintained its industry-leading position in sales and achieved stable revenue and performance growth. optimal in number of days of exceptional sales (DSO), proof of solid operational resilience.

Country Garden Holdings 2021 Annual Results Announcement

For the fiscal year ended December 31, 2021, Country Garden achieved contractual sales attributable to shareholders of approximately 558 billion yuan (approximately US$87.7 billion) with GFA contractual sales attributable to shareholders of 66.41 million of square meters. Statistics show that from 2015 to 2021, the company’s contract sales compound growth rate reached 29%.

In the sales ranking published by the China Index Academy, CRIC and other third-party organizations, Country Garden is the only real estate developer with sales of the caliber above 700 billion yuan (about 110 billion US dollars) and sales of shares exceeding 500 billion yuan (about 78.6 billion US dollars), maintaining its leading position in the industry.

In terms of basic profit indicators, the Group recorded revenue of 523.06 billion yuan (about 82.2 billion US dollars), gross profit of 92.78 billion yuan (about 14. 6 billion dollars) and a net profit of 40.98 billion yuan (about 6.4 billion dollars). for the full year. Core net income attributable to shareholders amounted to 26.93 billion yuan (about 4.2 billion).

Adequate cash flow is a key factor in managing and minimizing risk, as the industry is witnessing a capital crunch and many sponsors face a shortage of cash as their obligations come due. During the reporting period, cash received by Country Garden from attributable contractual sales amounted to 502.2 billion yuan (about. $79 million), with a collection rate of 90%. It should be noted that Country Garden has maintained this ratio at a level of 90% or more for six consecutive years.

In addition to a further improvement in the financial situation, Country Garden’s debt level has steadily decreased year on year, with financing costs decreasing in parallel. From December 31, 2021the Group had sufficient available cash 181.3 billion yuan (about. US$28.5 billion); total interest-bearing debt decreased by 2.6% for 317.92 billion yuan (about. 50 billion US dollars) with a net debt ratio of 45.4%, down 10.2% over one year; the weighted average cost of borrowing decreased by 36 basis points to 5.2%. The cash flow to short-term debt ratio was 2.3x.

Despite the industry China Overall going through a period of significant adjustment, Country Garden’s sound operations and stable financial management have secured the company continued recognition and support from credit rating agencies and major financial institutions.

The real estate sector in metropolitan France China entered a bear cycle in the second half of 2021, with the three major international rating agencies cumulating 250 rating or outlook downgrades for Chinese property developers, reflecting the impact the downturn has had on affected developers and their ability to raise or borrow funds. However, Moody’s and Fitch maintained their investment grade rating on Country Garden, while Standard & Poor’s retained the developer’s “BB+” rating and “positive” outlook.



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SOURCE Country Garden Holdings

Sallie R. Loera