Chinese developer Country Garden faces crunch vote on debt repayment

By Agence France-Presse

Sep 01, 2023 12:04 am

One of China's biggest builders, the firm has racked up debts of more than $150 billion and this week reported a record 48.9-billion yuan ($6.7-billion) loss for the first six months of the year.

The group warned Wednesday that it faced a default if its financial performance 'continues to deteriorate,' adding it 'felt deeply remorseful for the unsatisfactory performance.'

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