How Country Garden became the new face of China's real estate crisis

The construction company Country Garden has become a new symbol of the Chinese real estate crisis, finding itself in dire financial straits. Credit event experts identified Oct. 18 as the day the company fell out due to a default on one of its international bond loans.

Country Garden had previously settled several times, but weakness in China's real estate market and refinancing difficulties have meant it now faces collapse and possible financial collapse, which would bring a new wave of turmoil to the Chinese economy.

Construction and specialization

Country Garden, which specializes in residential real estate, has built 3,000 projects across the country and turned''housing all 1.4 billion people in the country, and the crisis is not going to subside. The real estate industry remains a major drag on the Chinese economy, and this will affect global growth.