China’s property market slump is getting worse as Country Garden, the largest private property developer in China, plans to sell properties in Guangzhou, aiming to raise 3.8 billion yuan ($530 million), Reuters reported on Wednesday.
This move comes in a bid for the company to repay sizeable debt due within the next six months. The company is among a long list of Chinese developers reeling from a cash crunch as the sector plunged into massive debts, and threatens to undermine growth at a time when China can ill afford it.
The selling will include a hotel resort, four office towers, a shopping mall as well as five rental apartment buildings, according to listings dated Jan. 19 on Guangzhou Enterprises Mergers and Acquisitions Services.
The real estate market is expected to reach a staggering value of €124.10tn in 2024, according to data published by German online platform Statista. The residential real estate segment projected market volume of €107.30tn in the same year.
