Notably, Country Garden is responsible for delivering apartments to around one million people across hundreds of Chinese cities, as per an estimate. Now, experts worry that Country Garden's problems will extend to other financial markets, impeding any potential real estate market rebound and causing harm throughout the economy. Founded by Yang Guoqiang in 1992, Country Garden was a beneficiary of the world's biggest real estate boom. Chinese citizens invested their earnings and savings in real estate since they had few other trustworthy ways to amass money. China's leaders have made it clear that the country cannot depend so heavily on real estate for economic growth.

Source: International New York Times August 18, 2023 16:57 UTC