Country Garden’s Losses Fan Fears on China Property Market
- Concern is mounting the prominent developer will default
- Firm says it will likely report loss of up to $7.6 billion
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Less than two years after China Evergrande Group’s default sent shockwaves around the world, an even larger Chinese developer is on the brink.
Country Garden Holdings Co.’s bonds and shares have plunged this week after bondholders failed to receive coupon payments of two dollar notes by an initial deadline, raising concern it will be the next giant to default. The company is considering extending some soon-to-mature yuan notes, said people familiar with the matter.