China’s Biggest Developer Says Property Crisis Has Yet to Bottom

China's greatest property engineer by deals is anticipating more torment for the land business in the wake of posting a record drop in first-half benefit

"The home market hasn't completely reached as far down as possible, and the area's union isn't finished,"

Country Garden Holdings Co. Chief Financial Officer Wu Bijun said at an earnings briefing on Tuesday afternoon

“Property sales nationwide still haven’t stabilized.”

China’s developers are grappling with a yearlong sales slump, as homebuyer confidence evaporates during a liquidity crunch that’s stalled projects and triggered a wave of debt defaults.

Country Garden’s net profit slumped 96% to 612 million yuan ($88 million) in the six months ended June