Chinese developer Country Garden Holdings Co. faced two significant tests on Monday, including an initial deadline to pay interest on dollar bonds and the end of creditor voting on its request to extend payment on a yuan-denominated note.
There is absolutely no escaping the various financial and economic risks China faces, with the property market being a chief concern. Although property sales showed a slight month-over-month increase in August, other key, such as new housing starts, total floor area under construction, and property fixed-asset investment, continued to decline.
While there have been signs of economic recovery in certain areas, the primary concern for the market continues to be the property sector. The rebound in property prices and transaction volumes appears to be concentrated in larger cities, leaving many areas with ongoing challenges in the real estate market.
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