When the state-backed Postal Savings Bank of China unveiled a Rmb50bn ($7bn) credit line to Country Garden in November, it appeared China’s biggest private homebuilder would survive a sector-wide liquidity crisis.
Nine months later, it is dangerously short of cash. The company expects to have lost Rmb45bn-55bn in the first half of the year and is confronting what it calls “the biggest difficulties” in its history.
Country Garden this week confirmed it had missed payments of $22.5mn on two of its international bonds, sending shockwaves through the country’s struggling real estate industry. Its share price fell to a record low on Friday, hitting the fortune of chair Yang Huiyan, formerly Asia’s richest woman.
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