In a filing provided to the Hong Kong stock exchange on Thursday, the company said it needed more time to collect information due to the complexity of the work required amid its debt restructuring.
Country Garden, one of China's property developers, said that it has faced a loss of USD 7 billion during the first six months of 2023. The property developer company said that it could default on its debts, CNN reported.
As China's economy has slowed recently, the already slow real estate market has come to a complete halt, putting Country Garden, which has a total debt of over USD 187 billion, in peril.
One of China’s biggest property developers, Country Garden, says it has burned through up to USD 7.6 billion in the first half of the year, compounding the crisis coursing through the country’s embattled real estate sector, CNN reported.
The property crisis in China, which has led to billions of dollars flowing out of the country, is not just Beijing’s own making but has also exposed the ‘reality’ of Beijing’s property boom, New York Times reported.
However, the issue is considerably more widespread than just one business, and the timing is quite poor. According to the New York Times, Country Garden's default would be the most recent in a spate of failures in a housing market that has been struggling for years.
Beijing [China], July 29 (ANI): As China's property crisis escalates, Asia's wealthiest woman has seen her wealth fall to USD 11 billion from nearly USD 24 billion this year, a media report said.