Country Garden, once China’s largest homebuilder, said it was unable to repay a loan, signalling it is likely to default with near $300 billion in liabilities.
The embattled property developer Country Garden said Tuesday it was unable to repay a loan and expected to miss upcoming overseas debt payments as a result of plunging sales from China’s spiralling property crisis.
Country Garden said presales of unfinished apartments, an important indicator of future revenue, fell for a sixth straight month in September, to 6.17 billion yuan . That was down 81 per cent from the same month a year ago. For the first nine months of 2023, presales were down 44 per cent from the same period a year earlier.
Last month, when Country Garden announced that it had managed to make a closely watched interest payment to avoid default, the company said it still needed to repay nearly $US15 billion in debt within the next 12 months in the form of bonds, notes, and bank and other borrowings.
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