Chinese property developer Country Garden Holdings vowed to deliver over 480,000 units of homes in 2024, a smaller target than 2023 after it failed to achieved its 700,000-unit-delivery goal last year, reports Caixin. The focus of 2024 is still to “guarantee delivery, guarantee operation and guarantee credit,” of which delivery is the bottom line that Country Garden “must firmly hold,” Chairwoman Yang Huiyan said at the developer’s annual working meeting Monday.
Country Garden, once China’s No. 1 developer by sales, delivered over 600,000 units last year, short of its goal set at the beginning of 2023, the developer said through its official social media account.
Country Garden reported its first ever default on a dollar bond in October, underscoring its fall into distress amid a broader property debt crisis. The builder didn’t pay $15.4 million of dollar bond interest by the end of a 30-day grace period after missing the initial deadline of Sept. 17.