Five months. That’s how long it takes Country Garden Holdings Co to start selling apartments after acquiring land. A spate of fatal accidents forced the Chinese builder to slow things down a notch last year, but the pace of construction may pick up again when robots start plastering the walls.
The pressure to finish comes from the markets: Of the US$14.6bil the builder has to pay creditors between now and 2021, as much as 86% is return of principal. It has to give back that money (plus interest) and borrow afresh.
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