How Country Garden became the new face of China’s spiraling property crisis

Country Garden, once China’s largest property developer, has faced a “failure to pay” episode and has reportedly defaulted on an international bond. The company is grappling with a massive $190 billion in liabilities and a challenging property market. The potential debt restructuring could have a significant impact on China’s property sector and its broader economy. Country Garden’s woes echo those of Evergrande, another major Chinese developer that defaulted in 2021. The challenges in China’s real estate sector continue to send shockwaves through the country’s economy.