AFP – Chinese property giant Country Garden denied yesterday its founder and chairwoman had fled the country, as the debt-saddled builder flirts with a default that could send shockwaves through the industry.
One of China’s biggest developers, Country Garden has racked up debts estimated at CNY1.43 trillion as of the end of 2022.
Unverified reports in Chinese financial media this week claimed founder Yang Guoqiang and his daughter Yang Huiyan – the company’s chairwoman – had left China.
But the firm quashed the speculation yesterday, saying “the founder… and the group’s chair of the Board of Directors are currently working normally inside the country”.
“This rumour was posted with ulterior motives on multiple online platforms, causing a negative impact,” the firm said in an online statement.
