Country Garden shows even China’s once-mighty builders in trouble

The logo of property developer Country Garden is seen on a building in Dalian, Liaoning province, China. REUTERS/Stringer

HONG KONG: China’s former biggest builder Country Garden Holdings Co has joined the ranks of once-strong developers that are deferring millions of dollars in payments, underscoring the sector’s entrenched debt woes.

Jitters are running high even as Country Garden has a so-called grace period to remit payments as some of its peers had relied on this to buy time before eventually slipping into default.