China Business & Economy

China’s Property Giant Country Garden Suffers Hefty Losses as Property Bubble Bursts

The country’s largest property developer reported losses of $24.3 billion in 2023, up from $825 million in 2022.
China’s Property Giant Country Garden Suffers Hefty Losses as Property Bubble Bursts
The company logo of Chinese developer Country Garden at the Shanghai Country Garden Center in Shanghai on Aug. 9, 2023. Aly Song/Reuters
Panos Mourdoukoutas
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Panos Mourdoukoutas
Panos Mourdoukoutas
Author
Panos Mourdoukoutas is a professor of economics at Long Island University in New York City. He also teaches security analysis at Columbia University. He’s been published in professional journals and magazines, including Forbes, Investopedia, Barron's, IBT, and Journal of Financial Research. He’s also the author of many books, including “Business Strategy in a Semiglobal Economy” and “China's Challenge.”