China's Country Garden Faces Collapse

Chinese developer Country Garden has reported a loss of 48.9 billion yuan ($6.7 billion) for the first half of the year, raising concerns about a potential default. The company, which has accumulated over $150 billion in debts, is facing a tenuous financial situation and has recently failed to pay interest on two loans. If it fails to meet a bond payment deadline in September, it could become the largest Chinese real estate firm to collapse since Evergrande in 2021. Concerns are rising that Country Garden's financial troubles could have broader implications for China's economy and financial system.