Country Garden: China’s under-pressure property giant FMTNews FMTBusiness
Forest City, Malaysia’s massive artificial-island real estate development, is one of Country Garden’s international ventures.
Its billionaire boss Yang Huiyan has said the firm is “facing the greatest difficulties since our establishment”.Country Garden is run by Yang Huiyan, who until recently was one of the richest women in China and Asia. Yang, who lost nearly US$29 billion in two years according to a Bloomberg ranking of billionaires, has an estimated wealth of US$5.3 billion.
It also has operations abroad, including a gigantic real estate project in Malaysia involving artificial islands.In addition to its core focus on real estate, Country Garden has been developing robots for the catering industry since 2019. Adding to the pressure, 31 billion yuan in the firm’s bonds are set to mature in 2024, according to rating agency Moody’s.Like its competitor Evergrande, which owes more than US$300 billion, any collapse of Country Garden would have damaging repercussions on the Chinese financial system and economy.
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