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.
Experts urge tax reform in real estate to boost homeownership
In Nigeria, stakeholders in the real estate sector are urging federal and state governments to review taxes in the sector...