为什么这家公司的金融危机会威胁中国经济
碧桂园是中国最大的房地产开发商

Country Garden was China’s biggest real estate developer. Now it is staring down default, facing billions of dollars in losses and $200 billion in unpaid bills. 中国房地产巨头碧桂园已损失数十亿美元，未付账单已达2000亿美元。 据估计，该公司有能力在中国数百个城市交付近一百万套公寓。

All of this has led to worries that Country Garden will end up like China Evergrande, a real estate behemoth that collapsed in 2021 and set off panic in global markets.

“The Country Garden default could be as influential as Evergrande simply because it is so huge,” said Rosealea Yao, a real estate analyst at Gavekal, a China focused research firm.

And it could be even worse. A handful of big developers have already defaulted. The market is more on edge than it was when Evergrande failed. Policymakers, while recently vowing to support the housing market, have not done enough to bolster confidence.

“Things may get worse before the government reacts,” Ms. Yao said.

所有这些都让人担心碧桂园最终会像中国恒大一样，在2021年倒闭并引发全球市场恐慌的房地产巨头。

“碧桂园违约的影响力可能与恒大一样大，因为它规模太大了，”专注于中国的研究公司 Gavekal 的房地产分析师 Rosealea Yao 表示。

情况可能会更糟。 少数大型开发商已经违约。 与恒大失败时相比，市场更加紧张。 政策制定者虽然最近誓言支持房地产市场，但在提振信心方面做得还不够。

“在政府做出反应之前，情况可能会变得更糟，”她说。 姚说。