Two of China’s top real estate developers both show signs that they may not be able to pay off their international debts as the country’s property sector continues to suffer, according to The Wall Street Journal.
Country Garden, which just one year ago appeared to be withstanding China’s tumultuous real estate crisis, failed to make a payment to international bondholders Monday after it reported disappointing September sales, according to the WSJ. China Evergrande, another major Chinese developer, abandoned a debt restructuring deal after regulators barred it from issuing new securities that it needed to fulfill its obligations due to its subsidiary being under investigation, which could now lead to the collapse of the company.
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