Country Garden Faces Default Risks with $7 Billion Loss
Chinese homebuilder Country Garden has warned that it may default on its debts after reporting a loss of $7 billion for the first half of the year. The company attributed the poor performance to the slump in the real estate market, particularly in smaller Chinese cities. Country Garden confirmed that it had missed interest payments on some of its bonds and expressed concerns about its ability to continue as a going concern. The troubled real estate giant is facing a liquidity crisis, which has raised fears of a wider impact on China's economy. In an effort to support the property sector, a major Chinese city, Guangzhou, has relaxed mortgage rules for homebuyers. Country Garden's stock has plummeted this year, and the company is under pressure to pay off its nearly $200 billion in total liabilities.
- Country Garden: Chinese homebuilder warns it could default after posting $7 billion loss CNN
- Country Garden Posts Record Loss, Warns Default Possible Bloomberg Television
- Country Garden posts $7bn loss as China's property crisis deepens Financial Times
- Country Garden warns of default risks, 'deeply remorseful' for record loss Reuters
- China’s Country Garden Sells Stock to Pay Debts The New York Times
Reading Insights
0
0
3 min
vs 4 min read
79%
639 → 135 words
Want the full story? Read the original article
Read on CNN