Country Garden Holdings Co. $2007.HK, China’s former top property seller, reports a sharp decline in housing sales for May, revealing deeper issues than those affecting the overall housing market in China. The Foshan-based developer experienced a 28% decrease in monthly sales compared to the previous year, amounting to approximately 3.1 billion yuan (431 million USD). This decline starkly contrasts with the 8.6% drop in new home sales observed among the nation's top 100 developers, highlighting the company's particularly challenging circumstances.

Country Garden, the prominent Chinese property developer (2007.HK), has recently captured the attention of market analysts and industry experts amid turbulent global economic conditions. The announcement of a restructuring support agreement with key bondholders, coupled with imminent negotiations with a group of banking creditors, marks a significant turning point for the company. Following its offshore debt default at the end of 2023, the developer is now on a mission to reduce its liabilities by an astounding 78%, amounting to roughly 14.1 billion dollars.