Country Garden Braces for Extended Property Slump, More Debt Troubles in 2024
• Country Garden, China's largest private property developer, expects the property market to remain weak in 2024 and sees potentially severe challenges ahead • The company defaulted on $11 billion of offshore bonds in October 2022 and extended onshore note repayments • Chairperson Yang Huiyan said the market did not recover as expected in 2022 and is still correcting • Country Garden President Mo Bin warns the firm may face more severe challenges in 2024 than they anticipate • The company aims to deliver 480,000 homes in 2023, 20% fewer than the 600,000 units in 2022, but still the most in China