Caixin Explains: The Roots of Country Garden’s Debt Woes

Country Garden Holdings Co. Ltd. is teetering as onshore and offshore creditors come knocking right on the heels of a protracted slide in sales. While many state-owned peers are managing to stay afloat by raising new debt, lenders are turning their backs on riskier, privately owned developers.

The private sector titan of China’s real estate industry, Country Garden managed to weather much of the housing market crisis better than many of its peers, maintaining its spot as the country’s top developer last year.