Country Garden shares plunge 17% to new record low

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Asia Pacific

Country Garden shares plunge 17% to new record low

The crisis in China's real estate sector continues to grow, with a top developer Country Garden halting trading of its domestically offered bonds after admitting it had missed a key debt repayment deadline. Shares of the company's stocks fell more than 18% on Monday after the announcement, and the news sent shockwaves around Asian exchanges, with property development firms taking the biggest beatings. Country Garden had been the sector's largest player by sales, but now it joins the ranks of other developers drowning in debt like Evergrande. The company still has a grace period until September 6 to come up with the cash for creditors and released a statement saying it's confident the Chinese property sector will rebound. But that comeback can't come fast enough for Beijing, which has relied on real estate for nearly three decades as an engine of economic growth.