Posted 10/10/2023, 9:00:00 AM
Chinese Property Giant Country Garden Warns of Possible $60M Debt Default as Sales Plummet
- Country Garden warns it could default on $60M debt payment, its 2nd warning in 2 months
- Property developer's sales plunged 81% in September 2022 vs September 2021
- Country Garden was once China's largest developer but now battling liquidity crisis
- Persistent weakness in China's property market hobbling developers' ability to raise cash
- Country Garden has around $190B in total liabilities and hired advisers to address debt issues
