The financial troubles of a prominent Chinese developer have put a pall over the Australian real estate industry.
One of China's largest real estate firms, Country Garden, is having financial difficulties, which might have repercussions in Australia's real estate market since its subsidiary, Risland Australia, is building two major housing complexes on the outskirts of Sydney and Melbourne.
The quantity of new homes coming into the market during a severe affordability crisis would be significantly impacted by delays in the projects or a company collapse.
On Friday, bonds and shares issued by Country Garden Holdings Co plummeted after the business missed payments. For the next 30 days, it won't be regarded late.
The severity of the company's financial difficulties was apparent late Thursday when it was announced that the first half of this year would likely result in a net loss of 45-55 billi...