Hong Kong CNN —Just a few months ago, Country Garden was the biggest property developer in China, with more than 3,000 developments spanning the country.
Real estate accounts for between a quarter and third of China’s gross domestic product (GDP).
A default by Country Garden or another peer could also spread to China’s wider economy and even spill over into global markets.
Beijing has announced a flurry of stimulus measures to bolster the real estate sector in recent days, including easing mortgage curbs for homebuyers.
This week’s news from Country Garden and Vanke suggest the crisis might not have bottomed out yet.
Persons:
Hong Kong CNN —, “, ”, China Vanke, Zhu Jiusheng, Yu Liang, Yu, Evergrande
Organizations:
Hong Kong CNN, Zhongrong, Country, National Bureau of Statistics, Kaisa, Shimao, Times
Locations:
Hong Kong, China, Beijing, Shenzhen, United States, Times China