Country Garden’s Sales Drop Most in Years Amid Wind-Up Fears
- Chinese developer saw transactions plunge 85% from a year ago
- Chairman pledges to deliver projects with its own resources
Country Garden was once China’s biggest developer.
Source: Bloomberg
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Country Garden Holdings Co. posted its biggest sales decline in at least seven years, adding to the woes of the Chinese property developer that is now facing a lawsuit seeking its liquidation.
Contracted sales for February plunged 85% from the same period a year earlier, widening from a 75% slide in January, corporate filings show. Transactions shrank 32% from the previous month.