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China's property crisis reaches biggest builder Country Garden

Bloomberg
Bloomberg1/16/2022 9:43 PM GMT+08  • 5 min read
China's property crisis reaches biggest builder Country Garden
The firm is viewed as a bellwether for contagion risk
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The crisis engulfing China’s property sector is impacting its biggest developer, with Country Garden Holdings Co.’s shares and bonds hammered amid fears that a reportedly failed fundraising effort may be a harbinger of waning confidence.

Country Garden is one of the few remaining large, better-quality private developers that had been largely unscathed by the liquidity crunch, even as peers such as Shimao Group Holdings Ltd. saw dramatic reversals in their credit ratings.

The firm is viewed as a bellwether for contagion risk, as unprecedented levels of stress in the offshore credit market threaten to drag good credits down with bad.

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