Country Garden, a major Chinese property developer, is facing financial difficulties, less than two years after Evergrande’s debt crisis, Bloomberg reports.
Country Garden failed to make coupon payments on two dollar-denominated bonds, raising concerns of a potential default.
The company has revealed it expects a net loss of 45 billion to 55 billion yuan ($7.6 billion) for the first half of 2023.
Country Garden is reportedly preparing for restructuring and has hired a financial adviser, according to local media.
