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Unfinished apartment buildings at the Phoenix City residential project, developed by Country Garden Holdings Co., in Shanghai, China, on Jan. 17, 2022. Qilai Shen/Bloomberg via Getty Images
Country Garden, once China’s largest developer, announced on Feb. 28 that a liquidation petition has been launched against it for failing to repay a loan worth nearly $205 million—the latest reminder that China’s housing crisis continues unabated.
