Country Garden: Chinese creditors demand liquidation of another real estate giant. China is struggling with major turbulence in the real estate market.
The crisis in the sector contributes around a fifth of the country's annual economic output. Country Garden had sales of almost 64 billion US dollars last year. The number of employees had recently been reduced, but in 2023 it was still almost 70,000 employees. The real estate company from Foshan in southern China was once considered the largest developer by sales.