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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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.