Country Garden Holdings is teetering as onshore and offshore creditors come knocking on the heels of a protracted slide in sales. While many state-owned peers are managing to stay afloat by raising new debt, lenders are turning their backs on riskier, privately owned developers.
Caixin
The roots of Chinese developer Country Garden's debt woes
Financials of private real estate giant sour this year after sales plunge
A Country Garden community in Zhenjiang, Jiangsu province in October 2021. (Photo by Dongxu Fang / Costfoto/Future Publishing via Getty Images)
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