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Reality check, as Country Garden sells down a barely started Australia project
Four years after Chinese property giant Country Garden launched a A$2 billion (US$1.27 billion) development of 3,600 homes an hour's drive southwest of Sydney, the outer suburban site remains a sparse field with fewer than 50 houses under construction. The "masterplanned community" of Wilton Greens that has promised buyers shady, tree-lined streets, sporting fields, bike paths, parks and a new local school is one of a string of stalled overseas developments the cash-strapped Chinese property giant is now seeking mostly to offload as it scrambles to pay creditors. In Malaysia, its plans for the US$100 billion ... (full story)