China’s property market is facing a severe crackdown, with industry giant Country Garden becoming an unexpected victim. Analysts believe that this development could have a greater impact on the economy than the Evergrande crisis. As the second-largest developer, Country Garden’s potential collapse could exacerbate the existing property market concerns, affecting employment, consumer sentiment, and investment. The consequences of this unexpected twist in the property sector are being closely monitored by experts, who fear a further destabilization of China’s already fragile economy.
Country Garden, a Chinese property developer, has granted an extension to bondholders to vote on debt repayment. As they face a looming default, the company resorts to this last-ditch effort to avoid further financial turmoil. The fate of this crucial vote will have far-reaching implications for Country Garden and the wider market.