Posted 10/18/2023, 6:39:19 AM
China's Largest Private Developer Country Garden Believed to Default on Billions in Debt, Adding to Economic Slowdown Concerns
- Country Garden, China's biggest private property developer, believed to have defaulted on overseas debt
- Firm has $11bn in debt and $6bn in onshore loans; default would mark one of China's biggest corporate debt restructurings
- Adds to concerns about China's post-pandemic recovery as property sector accounts for a third of economy
- Latest figures show China's economy grew 4.9% in Q3, slower than 6.3% in Q2
- If default confirmed, offshore creditors will start negotiations on restructuring process that could take months
