The developer canceled a debt restructuring deal last month, leaving investors in limbo
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 Adada
China Evergrande’s 11th-hour cancellation of a restructuring affecting more than $19 billion of its international bonds could lead to a messy collapse and have “a catastrophic effect” on other troubled companies in the sector, its bond investors said Monday.
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