A liquidation petition sparked market panic. After stock prices continued to fall, Yang Guoqiang's father and daughter began a new battle to defend their confidence.

On March 4, at the monthly group management meeting, Yang Huiyan, chairman of the board of directors of Country Garden, stated that the founder and shareholders of the company had never wanted to lie back down. At the same time, the company team was excellent and got through difficult times with the company.

While the market is recovering weakly, Country Garden is still hopeful and planning how to overcome difficult times.

Mo Bin, president of Country Garden, said that the market will definitely adjust to a steady state in the future. “In the face of the current new normal in the market, the competition is who can get through it.”

Yang Huiyan stressed that the company's top priority right now is to guarantee cash flow, reduce non-operating expenses, and actively increase cash inflows through sales to ensure sufficient capital to support delivery and daily operations.

Guaranteed delivery is the bottom line that Country Garden sticks to, and it is also a top priority this year.

After delivering more than 600,000 homes in 2023, Country Garden proposed that the estimated delivery volume in 2024 would exceed 480,000 units. Yeung Wai-yeon said that at present, Country Garden's own resources can guarantee housing delivery this year.

However, Country Garden also admits that the market continues to bottom out, and the company guarantees delivery to enter the deep-water zone. Although the resources are sufficient to guarantee this year's delivery, the problem is a mismatch of time and space.

Yang Hye-yeon suggested that we should cherish the use of resources and wait for the market to pick up.

The real estate financing “white list” provided more ammunition to get Country Garden's fundamentals back on track. As of March 3, Country Garden has included 217 projects on the “white list”, and projects have received bank loan approval.

Li Yujia, chief researcher at the Guangdong Housing Policy Research Center, said that the implementation of the “white list” will effectively ease the financial constraints of housing enterprises, support project development, construction and delivery, stop the spread of risk, and send a positive signal to the market.

Yang Hye-yeon stressed that policy support is an important support for the company in dealing with market challenges. The company should actively seek support from the government and financial institutions to form a closed loop of capital.

At the same time, in the face of pressure from creditors to apply for liquidation, Country Garden is also striving to stabilize operations and other creditors by actively disclosing the progress of overseas debt restructuring and taking action.

In addition to vigorously opposing the petition, Country Garden also took a defensive measure. On March 4, Country Garden announced that it will consider whether to apply for an approval order from the High Court in line with the progress of its overseas restructuring.

This means that even if it is eventually liquidated, the share transfer actions made by the company after applying for liquidation are effective.

Similar to many housing enterprises, in addition to finding ways to deal with the current difficulties, Country Garden is also seeking long-term survival and development.

The next two years will be critical for Country Garden.

Yang Hye-yeon said that balance sheet restoration is a basic requirement for the company's survival. The next two years will be a critical period for Country Garden to repair its balance sheet. It is necessary to make good use of these two years, optimize the balance and liability structure, and only have a better base to develop and grow when the market recovers in the future.

Currently, Country Garden still maintains a relatively good basic market. In January-February, Country Garden achieved full-caliber sales of 12.17 billion yuan, ranking 10th in the industry and first among insured housing enterprises.

In the current market environment, it takes more courage and responsibility to stick to it than to give up.

The attitude shown by Yang Guoqiang and Yang Huiyan's father, daughter, and management in facing up to problems and trying to help themselves is even more valuable. They also want to get understanding from creditors and become a minority group that has completed debt restructuring and successfully landed, with creditors' support.

Fortunately, the policy continues to warm up, and the market is gradually waking up from winter Tibet. Housing enterprises with firm determination and initiative and their actual controllers can also seize opportunities and lay a more solid foundation for crossing the market cycle.