China’s Biggest Homebuilder Reels as Economy Slows

When Country Garden, the biggest developer in China’s increasingly troubled real estate sector, published its annual report in April,

exuded hope: a phoenix spreading its wings.

The company said the image showed that China’s economy was “back on track” and that this year would see “growth soaring to new heights.”

That was wishful thinking.

Shortly after the report’s release, China’s nascent economic recovery lost…