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☆ Chinese Premier Makes Surprise Economic Growth Disclosure
▼ + stars: | 2024-01-16 | by ( Jason Douglas | ) www.wsj.com time to read: 1 min

Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam AdadaChinese Premier Li Qiang gave global business elites a big hint on highly anticipated growth figures, as he sought to reassure them that investing in China is an opportunity—not a risk. Li delivered the message in an address at the World Economic Forum in Davos, Switzerland, as Chinese leaders seek to stem an exodus of foreign investment with growth slowing and relations deteriorating with the U.S.-led West.

Persons: Adam Adada, Li Qiang, —, Li Organizations: Malaysia’s Forest City, Economic, U.S Locations: Malaysia’s Forest, China, Davos, Switzerland

☆ It’s Too Soon to Bet on China’s Housing Turnaround
▼ + stars: | 2023-11-15 | by ( Jacky Wong | ) www.wsj.com time to read: 1 min

Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam AdadaChina’s troubled property market remains on shaky ground despite a raft of government policies to stabilize it—and a big jump in property developer stocks today. Beijing still needs much more forceful measures if it wants to turn around the market and stabilize the economy. They fell 3.7% year-over-year in the first 10 months of 2023, compared with a 3.2% decline in the first nine.

Persons: Adam Adada China’s Organizations: Malaysia’s Forest City Locations: Malaysia’s Forest, Beijing, China

☆ China’s Property Developers Cut Prices—and Homeowners Are Resisting
▼ + stars: | 2023-11-01 | by ( Cao Li | ) www.wsj.com time to read: 1 min

Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam AdadaAfter being stuck in a housing downturn for two years, cities across China are giving real-estate developers the go-ahead to cut prices on new homes to revive sales. They are quickly running into resistance from homeowners who don’t want to see the values of their properties go down.

Persons: Adam Adada Organizations: Malaysia’s Forest City Locations: Malaysia’s Forest, China

☆ Xi Jinping Is Looking for Someone to Blame for China’s Property Bust
▼ + stars: | 2023-10-26 | by ( Lingling Wei | ) www.wsj.com time to read: 1 min

Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam AdadaWith China’s property bust threatening to sink the country’s economic recovery, Xi Jinping is looking for someone to blame. After putting the billionaire founder of Evergrande , a heavily indebted property firm, under investigation for possible crimes, Beijing is expanding its probes to include bankers and financial institutions that facilitated developers’ risky behavior, people familiar with the matter say.

Persons: Adam Adada, Xi Jinping Organizations: Malaysia’s Forest City Locations: Malaysia’s Forest, Beijing

☆ A Financial Crisis in China Is No Longer Unthinkable
▼ + stars: | 2023-10-19 | by ( Greg Ip | ) www.wsj.com time to read: 1 min

Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam AdadaThe world’s second-largest economy has a deflating property bubble, local governments struggling to pay their debts and a banking system heavily exposed to both. Anywhere else these factors would be seen as precursors of a financial crisis. But not in China, conventional wisdom goes, because its debts are owed to domestic rather than foreign investors, the government already stands behind much of the financial system and capable technocrats are on top of things.

Persons: Adam Adada Organizations: Malaysia’s Forest City Locations: Malaysia’s Forest, China

☆ China’s Country Garden Was Given a Second Chance to Make a Bond Payment. It Failed.
▼ + stars: | 2023-10-18 | by ( Rebecca Feng | Frances Yoon | ) www.wsj.com time to read: 1 min

Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam AdadaChinese property giant Country Garden has missed a final deadline to pay interest on a dollar bond, capping a remarkable fall from grace for a company that was once considered among the safest developers in the country. The company hasn’t made a $15.4 million interest payment on an outstanding dollar bond, according to two investors who hold the bond. Country Garden had around $15.2 billion of international bonds and loans outstanding at the end of June, according to its public disclosures.

Persons: Adam Adada, hasn’t Organizations: Malaysia’s Forest City Locations: Malaysia’s Forest

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