Embattled property developer Country Garden issued a statement on Thursday morning rejecting talk, which it said was spread across several social media platforms, that its founder and chairman had both left China. The company said the talk has had "adverse effects", adding that its founder, Yeung Kwok-keung or Yang Guoqiang in Mandarin, and his daughter Yang Huiyan, who is also the company's chairman are still "working as normal" in China. Country Garden, once the largest Chinese home builder by
The troubled Chinese developer is fighting to avert its first ever actual default on an offshore debt as the grace period for a US$15.4 million payment enters its final hours.
Yeung Kwok-keung’s visit to a Guangdong construction site comes as the sector’s embattled companies and their billionaire bosses strive to show their dedication to delivering housing and clearing debts amid what is seen as heightened government scrutiny.