Troubled Chinese property developer Country Garden has denied claims that its founder and his daughter have fled the country after officials revealed that the firm has racked up billions of dollars in debt and will likely default on overseas payments.
The statement is in response to published reports that the firm’s founder, Yang Guoqiang, and his daughter, Yang Huiyan, who’s also the company’s chairwoman, fled the country as the company racked up debts of roughly 1.43 trillion yuan ($196 billion) as of the end of 2022.
