Country Garden: China property giant default fears grow

2023-10-18 14:52

The housing sector accounts for a third of China's economy, whose post-pandemic recovery has been sluggish.

China's biggest private property developer Country Garden is believed to have become the latest property giant to default on its overseas debt.

The firm has $11bn (£9bn) in debt and another $6bn in onshore loans, and a default would mark one of the country's biggest corporate debt restructurings...