[Source: BBC News]
Country Garden, one of China’s biggest property developers, has become the latest real estate giant to warn that it could default on its debts.
This came as the crisis-hit company reported a record $6.7bn (£5.2bn) loss for the first six months of the year.
Country Garden said in the statement that it was “deeply remorseful for the unsatisfactory performance.”
The announcement adds to concerns about the post-pandemic recovery of the world’s second largest economy.
Country Garden also announced it had missed interest payments on bonds that were due this month. However, it added it was still within a 30-day grace period to make the payments.
It is also reportedly seeking to extend a deadline for the repayment of another bond.
The firm warned that it could default on its debts “if the financial performance of the group continues to deteriorate in the future”.
Stream the best of Fiji on VITI+. Anytime. Anywhere.
