2023-08-13 14:49:18
Country Garden Building in Shanghai
In the first half of the year, the company made a loss of 7.6 billion US dollars.
(Photo: Reuters)
Frankfurt, Dusseldorf The impending difficulties of one of the largest private Chinese real estate developers could further exacerbate the industry crisis in the country. The troubled Chinese real estate group Country Garden has stopped trading in some of its bonds. Country Garden’s 11 bonds outstanding in the domestic market (so-called onshore bonds) are set to become non-tradable indefinitely from Monday, according to announcements released by the company on the Shenzhen Stock Exchange on Saturday.
Rating agency Moody’s fears the company’s troubles could spread to the rest of the real estate and financial markets. This is likely to further delay the sector’s recovery, according to a statement by Moody’s on Friday.
At the center of the real estate crisis is the project developer China Evergrande, which is struggling with its creditors to reduce its debts after high losses. The former star of the Chinese housing market had serious problems after the real estate bubble burst.
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