Just Earth News | @justearthnews | 02 Sep 2023, 07:34 am Print
Country Garden Image: Pixabay
China's major private property developer Country Garden has revealed a record USD 6.7 billion loss for the first half of the year.
The six-month results released on Wednesday represent the highest ever losses for the group, until recently considered safer than many of its peers, reports Financial Times.
According to reports, the company's current situation is part of the two-year real estate liquidity crisis that began with the default of developer China Evergrande in 2021.
Concerns over Country Garden’s finances grew this month when it missed coupon payments on international bonds, reports Financial Times.
Chinese developers face a $38bn wall of renminbi and dollar bond payments due over the next four months, according to data from Dealogic.
Country Garden had planned to raise $300mn from a share offer in late July, but abruptly cancelled the deal at the last minute.
- Bangladesh's Yunus offers to buy cotton, farm goods duty-free from US after Trump's 37 percent announcement
- E-commerce giant Amazon plans to layoff 14,000 managers by early 2025 as part of the cost-cutting drive: Reports
- Geopolitical tensions, rising costs of climate change, unresolved debt issues putting labour markets under pressure, latest ILO report shows
- PwC to fire 1800 jobs in first major layoffs announced in 15 years
- New ILO report shows global youth unemployment rate dropped to 15-year low in 2023
