One of China’s biggest developers is reeling and has less than 30 days to avoid defaulting on its bonds. This is the latest signal of the government’s efforts to end the country’s housing downturn while the economy slows.
Country Garden Holdings Co., which had total liabilities of 1.4 trillion yuan ($194 billion) at the end of last year, told Bloomberg Terminal it underestimated the market downturn and is facing its biggest challenge since its inception in 1992. The real estate company Bloomberg Terminal is expected to report a net loss of up to 55 billion yuan for the first half of 2023, compared with a profit of about 1.91 billion yuan a year earlier.
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