BEIJING: Country Garden creditors have approved postponing the repayment of a key loan, narrowly avoiding a potential default, Bloomberg reported Saturday (Sep 2). Here is what th
But the Chinese property market is slumping: prices are on the decline and buyers are reluctant to invest as the broader economy stalls.Country Garden's situation is all the more precarious because around 60 per cent of its projects are located in smaller Chinese cities, where property prices have fallen the most and local customers have relatively low purchasing power.
Like Evergrande, which holds debt adding up to more than US$300 billion, any collapse of Country Garden would have catastrophic repercussions on China's financial system and wider economy. On Thursday, the central bank announced the lowering of mortgage rates for first-time buyers from Sep 25.
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China ramps up economic support as Country Garden vote loomsBEIJING: China stepped up measures to boost the country's faltering economy on Friday (Sep 1), with top banks paving the way for further cuts in lending rates and authorities reducing the amount of funds institutions need to hold in foreign exchange reserves. China is grappling with a slowdown that has rat
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Country Garden posts record $9.2b first-half loss, warns of possible defaultThe embattled Chinese developer raised concerns about staying in business. Read more at straitstimes.com.
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Pope arrives in Mongolia, sends message of ‘unity and peace’ to ChinaThe papal visit is seen as a strategic move to improve Vatican ties to Beijing and Moscow. Read more at straitstimes.com.
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