Country Garden Troubles Threaten to Cause Mayhem for Chinese Property Firms and Banks
- Results for Chinese developers may show depth of credit crunch
- Major banks ICBC and BOC hit by sluggish property sector
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Country Garden Holdings Co., teetering on the brink of default, will be the center of attention during a busy reporting week for Chinese property developers and banks as Asia’s earnings season approaches its final leg.
Previously one of the nation’s biggest builder, the company missed dollar bond interest payments earlier this month and needs to pay within a 30-day grace period, leaving investors guessing when exactly its default deadline will be.