China's top property developer warns it might not repay its international debt

Louis Goss is a MarketWatch reporter based in London.

Country Garden, China’s largest property developer, on Tuesday warned it is struggling to repay its overseas debts due to plunging sales as a result of the worsening crisis in China’s property market.

The announcement, published on the Hong Kong Stock Exchange, puts Country Garden alongside a growing list of Chinese developers that have now failed to repay loans amid a major slump in China’s housing market. Country Garden said its lack of liquidity is the result of “remarkable pressure” on its sales that saw it record RMB 16.17 billion worth of sales in September 2023 – – a figure 80.7% lower than in September 2022 and 86.5% lower than in September 2021.

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