The real estate giant, once thought to be among China’s strongest, has succumbed to the malaise plaguing the sector.
Few companies are more synonymous with China’s long property boom than Country Garden, whose rise to become the country’s largest real estate developer mapped the market’s long expansion.
Late Tuesday, however, Country Garden entered the annals of Chinese corporate ignominy, after failing to make a $15 million coupon payment that was due on a portion of its $10 billion of dollar-denominated debt held by global investors.
This week, The Wire looks at the rags-to-riches — and back to
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Bob Fu's relationship with China has gone through phases. First, he thought money would solve his problems there; then he joined protesters at Tiananmen Square, thinking the politics could change. In the end, he determined, only God could save China, and he's been fighting for religious freedom in China ever since he resettled in Texas. With his nonprofit, ChinaAid, prospering like never before, he says the U.S. is finally catching on.
A podcast about how the two nations, once friends, are now foes.
Hear why things are so complicated now. Host Jane Perlez, former New York Times Beijing bureau chief, talks with diplomats, spies, cultural superstars like Yo Yo Ma, and more to understand why the dangers are so high, and why relations went awry.