CTRYY - Country Garden's Trumpeted Overseas House Crumbles

2024-01-30 10:05:00 ET

Summary

• Country Garden is negotiating to sell its remaining projects in Australia, as it retreats from the market.
• The developer’s once-heralded Forest City mega-project in Malaysia has ground to a halt, hobbled by local politics and bad publicity that have led many to call it a “ghost city”.
• At the end of the day, Chinese developers like Country Garden have been going at full speed for years without regard for safety.

The debt-hobbled former property leader is quietly exiting its many overseas projects to raise cash, as it also faces policy uncertainties abroad ...

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