#youtube #China #yahoofinance
China’s ongoing property crisis is continuing to take its toll on Country Garden. The property developer is warning that it will be unable to make a debt payment worth about $60 million, which is a big concern given that it has about $187 billion in liabilities. Yahoo Finance’s Akiko Fujita explains the company’s announcement. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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Of course Country Garden cannot pay. It is very obvious from Day One when the scandal news reported. Country Garden owes about USD$194 Billion. They have 3121 ongoing uncompleted projects in China, This is 4 times the number compared to Evergrande. Country Garden has tried the usual method of manipulating creditors meetings to gain a few months extension of payment deadline. And then continuing to gain extension ad nauseum for many times (if possible). Meaning they are BROKE.
Little big criminals! Tofu investments! The money is in the US of course but not on your bank account!