The FT takes a deep dive into the troubles hitting some of China’s biggest property developers, from Country Garden to Evergrande.
More than half of China’s former top 50 developers have gone into default.
The turmoil among property developers is significant for China because construction and real estate has been the motor of much of its growth. Property and related industries have often contributed roughly a quarter of gross domestic product.
Country Garden reiterated last week that it “will not be able to meet all of its overseas debt repayment obligations”.
The group is expected to join dozens of other developers in pursuing an offshore debt restructuring. But the status of their much larger mainland obligations, which include loans from banks and investment firms, remains shrouded in uncertainty.
