Country Garden Billionaire Bags Big Payouts as Default Looms

Yang family poised to get over $60 million in dividends Friday
Developer’s notes slide on liquidity woes, late coupon payment

WATCH: China’s securities regulator is said to be planning to hold a meeting with some property developers and financial institutions. Country Garden, which expects to report a multibillion-dollar loss, was not among those invited, one of the people said. Stephen Engle reports.Source: Bloomberg

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By Venus Feng and Emma Dong

August 10, 2023 at 1:30 PM UTC

Updated on

August 11, 2023 at 1:35 AM UTC

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Country Garden Holdings Co. bondholders are setting their sights on the company’s billionaire Chair Yang Huiyan to see if she will use her vast personal fortune to support the struggling Chinese property firm.

Yang, who the Bloomberg Billionaires Index estimates has a net worth of more than $5 billion, will get about $28 million in dividends Friday for her personal stake in the firm’s services unit, according to Bloomberg calculations. That’s enough to cover the $22.5 million bond payments Country Garden missed this week. A foundation owned by her family could bag another $35 million in cash payouts.