Country Garden: Debt-laden China property giant in record loss - BBC News

Country Garden warns it may default on its debt, adding to concerns about the wider Chinese economy.

11 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, Country Garden is one of the biggest homebuilders in ChinaBy Annabelle LiangBusiness reporterCountry 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.