Chinese property developer Country Garden (2007.HK), which missed two dollar interest payments last month, faces another deadline on Monday with two coupons totalling $66.8 million coming due.
The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo, which missed two dollar interest payments last month, faces another deadline on Monday with two coupons totalling $66.8 million coming due.
China's property sector has been hit by a debt crisis since 2021. Companies accounting for 40% of Chinese home sales - mostly private property developers - have defaulted on debt obligations, leaving many homes unfinished. Beijing has rolled out a range of support measures in recent months to revive the sector, which makes up about a quarter of the world's second-largest economy.In a research note on Friday, UBS said property sales growth in major cities likely stayed weak in September, suggesting a limited rebound of sales despite more supportive measures to ease the property crisis.
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