Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia's Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red.
Extensive fiscal and financial imbalances have taken China, its leadership and the world into uncharted territoryCountry Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt.
Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam Adada, local governments struggling to pay their debts and a banking system heavily exposed to both.. But not in China, conventional wisdom goes, because its debts are owed to domestic rather than foreign investors, the government already stands behind much of the financial system and capable technocrats are on top of things.
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