KUALA LUMPUR -Embattled Chinese developerCountryGardensaid on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns over its financial strength.
The comment by China’s largest private developer came after it missed two dollar coupon payments this month totaling $22.5 million, fueling fears that thecountry’s property debt crisis could hamper a broader economic recovery and spill overseas.
“Our company’s projects in Malaysia are operating normally and the sales performance is strong,” the developer’s Singapore and Malaysia unit said in a statement, adding that its overall operation in the region was “safe and stable.”
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Keep on reading: China’s Country Garden says $100-B Malaysia project on track
