How China’s property crisis has unfolded, from Evergrande to Country Garden
从恒大到碧桂园，中国房地产危机如何发展到今天？
Thousands of unfinished homes and a swath of debt restructurings show the turmoil among developers
碧桂园一直被认为更加安稳，它的问题既体现了行业状况的恶化，也说明政府难以对付这场漫长的危机。
China’s biggest private sector developer, Country Garden, appears to be heading for default after failing to make a payment on an offshore bond — another critical moment in the slow reckoning taking place in the country’s vast property sector.
碧桂园(Country Garden)似乎正走向违约，这家中国最大的民营房地产开发商未能支付一只境外债券的相关款项，成为中国庞大房地产行业正在经历的缓慢“清算”过程中的又一个关键时刻。
Two years ago it was the default of another developer, Evergrande, that encapsulated concern over the scale of problems in Chinese property. Evergrande had racked up $340bn of liabilities and become the world’s most indebted property developer.
两年前，另一家开发商恒大(Evergrande)发生违约，令人们担忧中国房地产行业面临着多严重的问题。恒大共背负3400亿美元债务，是全球负债最多的房地产开发商。
Country Garden was long thought more stable but its problems now show both the deterioration in the sector — with sales drying up and thousands of stalled developments across China — and the difficulties for Beijing in getting to grips with a long crisis that has shaken the world’s second-largest economy.
碧桂园一直被认为更加安稳，而如今它的问题既体现了行业状况的恶化——销售凋零，全国几千个项目停工——也说明政府难以对付这场漫长的、已经动摇了全球第二大经济体的危机。
