Country Garden

About Country Garden

Country Garden, once Chinas largest property developer by sales, defaulted on its offshore debt in October 2023. Country Garden had 187 billion in liabilities. The company had been considered healthier than Evergrande but was caught in the same property downturn. CEO Yang Huiyan, Chinas richest woman before the crisis, saw her fortune evaporate. Country Garden warned of a 55 billion yuan loss for 2023. The default triggered concerns about the entire Chinese property sector. The Hong Kong court ordered Country Garden into liquidation in 2024. The company had over 3,000 housing projects across China, raising concerns about social stability if construction stopped. The Chinese government introduced measures to support the property sector, including lower mortgage rates and down payments.