Posted 2/28/2024, 4:31:09 AM
Chinese Developer Country Garden Faces Liquidation Petition After Defaulting on Loans Amid Real Estate Downturn
- Chinese developer Country Garden received a liquidation petition from a creditor after defaulting on a $204.5 million loan
- This comes a month after rival Evergrande was ordered to liquidate by a Hong Kong court
- Country Garden says it will "vigorously" oppose the liquidation petition
- Country Garden defaulted on $500 million bond last October amid China's real estate crisis
- China's central bank recently cut mortgage rates by a record amount to address the property downturn