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Country Garden, previously seen as one of China’s most stable property developers, is now contending with financial problems, putting the future of unfinished megadevelopments such as Malaysia’s Forest City in doubt. Here is how overbuilding and bad luck are leaving China’s real-estate developers in the red. Photo: Adam AdadaThis copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law.