The developer’s earnings were hit by a decline in sales volume and prices.
BEIJING: Country Garden Holdings Co warned that it may default on its debt and raised concerns about staying in business after the embattled Chinese developer posted a record first-half loss of almost US$7 billion.
Once the country’s biggest developer by sales, Country Garden is in a debt spiral that may be worse than rival China Evergrande Group’s because it has four times as many property projects. The firm has missed interest payments on some dollar bonds and faces a series of key dates in coming weeks. “Going forward, the company’s priority will be solely on ‘ensuring home delivery’ until it depletes its land bank.”
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