Country Garden's $7bn Loss Deepens China's Property Crisis
TL;DR Summary
Chinese developer Country Garden has reported a loss of $6.7 billion for the first half of the year, adding to concerns of a potential default. The company, which has four times as many building projects as Evergrande, has accumulated debts of over $150 billion and warned of possible default if its financial performance continues to deteriorate. Country Garden's financial troubles have raised fears of a broader impact on China's economy and financial system. The property sector, which accounts for a quarter of China's GDP, has been hit hard by the pandemic and economic slowdown.
- Chinese developer Country Garden reports $6.7bn loss amid fears of another Evergrande The Guardian
- Country Garden Posts Record Loss, Warns Default Possible Bloomberg Television
- Country Garden: Chinese homebuilder warns it could default after posting $7 billion loss CNN
- Country Garden warns of default risks, 'deeply remorseful' for record loss Reuters
- Country Garden posts $7bn loss as China's property crisis deepens Financial Times
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