China's Country Garden woes raise fears of REIT defaults: J.P.Morgan

China's Country Garden woes raise fears of REIT defaults: J.P.Morgan

FILE PHOTO: The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo

Turmoil at China’s largest private developer Country Garden could set off a “vicious cycle” of financing stress on the country’s real estate investment trusts (REITs), brokerage J.P. Morgan warned on Monday.