KUALA LUMPUR/JOHOR BAHRU, Malaysia -- The financial woes of a top Chinese private property developer, including more than $6 billion in first-half losses and warning of default risk, are reverberating in Malaysia -- home to the embattled company's largest overseas project.
Country Garden Holdings, one of China's biggest private real estate developers by sales, is at the center of the country's ongoing property sector crisis. Country Garden last week reported a record net loss of 48.9 billion yuan ($6.7 billion) during the first six months of this year. The turmoil has also hit peers such as China Evergrande Group, which has already defaulted on multiple debt obligations and recorded a net loss of over 33 billion yuan during the same period.
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