Country Garden Faces Unprecedented Loss Amid China's Housing Crisis

In a startling update from the real estate sector, Country Garden Holdings recently reported a record loss amid the ongoing crisis in China's housing market. The company disclosed substantial financial setbacks, suffering a staggering loss of 48 billion yuan ($6.5 billion) for the 2023 fiscal year. This represents a shocking turn of events for one of the nation’s largest property developers, which previously thrived in a booming housing environment.

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