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AP National

Chinese developer Country Garden says it can’t meet debt payment deadlines after sales slump

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Published 3:47 AM

By ZEN SOO
AP Business Writer

HONG KONG (AP) — Chinese property developer Country Garden has warned it cannot meet deadlines to repay its debts. The company’s difficulty in paying a 470 million Hong Kong dollar ($60 million) loan is the latest sign of distress in the industry after Beijing clamped down on mounting debts in the industry. The company said in a filing to the Hong Kong Stock Exchange that it expects its troubles with paying its obligations to continue. Country Garden earlier had been hailed as a model real estate company by Chinese authorities. It had avoided defaults on debt even as rivals such as China Evergrande, the world’s most heavily indebted property firm, defaulted in 2021.

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