One of China’s biggest property developers, Country Garden had racked up debts estimated at 1.43 trillion yuan (US$196 billion or RM936.9 billion) by the end of 2022. The private real estate developer said yesterday it is unable to fulfill all of its offshore debt obligations. It reported a record US$7 billion (RM33.5 billion) loss for the first half of 2023.
Country Garden’s five projects in Malaysia include three in Johor – Forest City, Country Garden Danga Bay and Central Park – while its remaining projects are Lake City @ KL North and Diamond City in the Klang Valley. Bait Al Amanah analyst Yugendran T Kannu Sivakumaran said Country Garden’s worsening financial situation will likely impact their projects in Malaysia.
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