Chinese developer Country Garden reports $6.7b loss ...Middle East

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Chinese developer Country Garden reports $6.7b loss
source : Daily Sun ( Middle East ) () 29
BEIJING: Embattled Chinese developer Country Garden reported a 48.9 billion yuan ($6.7 billion) loss for the first half of the year in a stock exchange filing Wednesday, adding to worries of a potentially catastrophic default.One of China’s biggest builders, Country Garden has racked up debts of more than $150 billion and said this month it had failed to make interest payments on two loans.The group warned Wednesday that if its financial performance “continues to deteriorate” it faces possible default.If Country Garden does not meet a deadline for a bond payment at the beginning of September, it could become the biggest Chinese real estate firm to crash since rival Evergrande in 2021.The com

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