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China’s Property Crisis Reaches Biggest Builder Country Garden

  • Developer is the nation’s largest by contracted sales
  • Some bonds plunged to record lows amid fundrasing concerns
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WATCH: Worries about contagion from China’s property crisis reached all the way to the nation’s biggest developer. Stephen Engle reports.Source: Bloomberg

The crisis engulfing China’s property sector is impacting its biggest developer, with Country Garden Holdings Co.’s shares and bonds hammered amid fears that a reportedly failed fundraising effort may be a harbinger of waning confidence.

Country Garden is one of the few remaining large, better-quality private developers that had been largely unscathed by the liquidity crunch, even as peers such as Shimao Group Holdings Ltd. saw dramatic reversals in their credit ratings.