Reality check, as Country Garden sells down a barely started Australia project

Unfinished houses at Wilton Greens, a residential development owned by Country Garden, located 80km southwest of Sydney, Australia October 9, 2023. REUTERS/Byron KayeFewer than 50 of planned 3,600 homes under constructionlaunched a A$2 billion development of 3,600 homes an hour's drive southwest of Sydney, the outer suburban site remains a sparse field with fewer than 50 houses under construction.

The gap between the promise and the reality of Wilton Greens reflects the changing fortunes of an ambitious global expansion by China's mega-developers that has stalled as rising interest rates squeeze both demand and the companies' ability to repay debt.all of its offshore debt repayments amid liquidity problems, trying to sell a project that is barely started and mired in uncertainty.

To be sure, the problem is not unique to Country Garden, with local governments around Australia struggling to supply essential infrastructure for outer suburban developments as buyers priced out of inner areas look to options further afield. Country Garden Australia CEO Guotao Hu said in a statement the company's Australian assets "continue to perform well, in line with normal market behaviour and as planned".

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