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France 24

Business

Charles PELLEGRIN

Chinese property firm Country Giant posts record losses, warns of potential default

Country Garden FRANCE 24 Economy

BUSINESS DAILY © FRANCE 24

Chinese real estate group Country Garden has posted record losses of €6.5 billion for the first half of 2023 and warned that it could default on its debt if its financial performance "continues to deteriorate". The news underlined the country's struggling growth, since the property sector may represent as much as 30 percent of the Chinese economy. Also in this edition, FRANCE 24's James Mulholland takes a closer look at the success of Chinese cars on the Russian market.

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