Chinese property developer Country Garden is set to deliver more than 400,000 units of apartments in the second half of this year and another 400,000 units next year, reported the Economic Observer, citing an internal source at the company.
Currently, the available funds in the company’s accounts are only enough to ensure the delivery of the properties and payments for previous settlements will rely on future property sales, the report said.
Due to limited funds, the developer is not able to make debt payment freely, it said.
Country Garden has clear payment priorities, with ensuring property delivery at the top, followed by project payment, project debts, the group’s public debts, the report said.