Key Points
New Delhi: One of Chinas biggest property developers, Country Garden, has been deemed to be in default on a dollar bond for the first time ever, media reports said Wednesday..
On 18 September, Country Garden, one of the worlds most indebted property developers, missed a deadline on one of its dollar bond interest payments, Bloomberg reported..
Chinas property market and allied industries account for nearly 20 percent of the Gross Domestic Product (GDP) of the country, Bloomberg said in its report Wednesday...
Country Gardens total contracted sales from January to September of this year amounted to $21.2 billion down 43.9 percent during the same period in 2022 and down 65.4 percent during the same period in 2021 the Tokyo-based Nikkei Asia reported on 18 September..
This echoed a trend in Chinas overall property investment according to a Bloomberg report on 18 October, this fell by 9.1 percent during the first nine months of the year, an indication of the lack of confidence in real estate prevailing across the country...
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