Once considered one of the more financially sound developers, Country Garden is now a bellwether of how the cycle has turned for developers.
| At an unfinished Country Garden residential complex on the outskirts of the northern Chinese metropolis of Tianjin, construction has slowed to a dull whirr and a few idle workers roam a near-empty site.
Construction had partially or fully stopped at both sites – the larger one with a few rows of unfinished five-storey apartment blocks and the other with lifeless cranes and thick green scaffolding hanging over skeletal high-rises. Workers at dorms on the sites complained of months without pay. A representative of Country Garden’s Yunhe Shangyuan project said in a Wechat statement its “registered employees” were all being paid.
The housing ministry did not comment on Reuters queries about halting of construction in the property sector in general or Country Garden in particular.Country Garden has nearly 1 million homes to complete, according to estimates from Japanese investment bank Nomura. It has not publicly acknowledged whether any of its projects have halted construction due to financial constraints.
Mr Gao said halted construction projects were “relatively rare” in the city, representing about a dozen out of 300 sites for sale, but “there are indeed projects whose development progress has slowed down”.
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