Struggling property developer Country Garden's shares hit record low after suspending bond trading amid a severe cash crunch

Mon, 08/14/2023 - 08:29

Aerial shot showing rows of abandoned luxury villas in Shenyang, China, March 31, 2023. — Rows of abandoned luxury villas in Shenyang, China, March 31, 2023.
Jade Gao/AFP via Getty Images

Another Evergrande-like crisis is brewing in the Chinese property sector.
Country Garden is the latest developer to suspend its bond trading amid a wider liquidity crisis.
Shares in the embattled firm hit a record low Monday morning – fuelling a broad sell-off in property stocks.

China's property sector has been dealt with another blow as shares in one of its largest developers hit an all-time low Monday morning, after it suspended trading in almost a dozen local bonds.