- Reforms risk another wave of excess
To judge by the high-rises dotted along the shore in Haiyang, a small coastal city, Country Garden’s prospects are pretty meagre. The firm, China’s biggest developer by sales, has sold few beachside flats. A handful of towers appear only partly built. A faux-German village with pointed roofs accommodates shops and restaurants, and adds a bit of flair. But it, too, is nearly empty. The company’s failure to sell homes was made clear when its profits for the first half of 2022 nearly evaporated altogether.