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China’s annual parliamentary meetings in Beijing came to a close on March 11. They were conducted under great pressure: a weak economy and high expectations from both the domestic public and international observers as to what the government can do to get the economy out of the woods.
HONG KONG (Reuters) -- Embattled Chinese property developer Country Garden said it was unable to pay two onshore coupons due on Thursday, but China Bond Insurance Co would do so on its behalf if it missed paying within a grace period that ends next week.
China's Country Garden Holdings said Wednesday it received a liquidation petition filed by one of its creditors, deepening worries about the country's beleaguered property sector.
Country Garden, China’s largest real estate developer as recently as 2022, said on Wednesday that a creditor had asked a Hong Kong court to liquidate its operations and pay off lenders, in the latest sign that China’s housing crisis continues unabated.
China's largest private property developer, Country Garden, expects the property market will remain weak in 2024 and the company could face more, "severe" challenges, its top management said.