Mention the China Property Debt Crisis, 2 companies come to mind- China Evergrande and Country Garden. China Evergrande has fallen with its bankruptcy proceedings. Country Garden on the other hand is still in survival mode and lurching from repaying each month's interest trying to ensure no impairment or corporate action to dilute existing shareholders.
Currently Country Garden has a HKD$26.2 billion (RMB$24.5 billion) in market capitalisation)
Balance Sheet is Barely "Balanced"
Unlike the headline news which claims Country Garden has hundred billions in USD of debts, the truth is that developer has only RMB 257.9 billion (less than USD 100 billion) in debts. Below is the latest debt standing in its financial report as of end June 2023.