WILTON, Australia: 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.
The development about 82km from the city's central business district is 15km from the nearest public high school, which is full, while the nearest ambulance, hospital and commuter rail services are more than a 20-minute drive away. A lack of sewer services means effluent will have to be piped to a communal tank and driven away daily in trucks until at least 2026.
That has left Country Garden, once China's biggest private developer, which on Wednesday reiterated it was unlikely to meet all of its offshore debt repayments amid liquidity problems, trying to sell a project that is barely started and mired in uncertainty. To be sure, the problem is not unique to Country Garden, with local governments around Australia struggling to supply essential infrastructure for outer suburban developments as buyers priced out of inner areas look to options further afield.
Country Garden Australia CEO Guotao Hu said in a statement the company's Australian assets"continue to perform well, in line with normal market behaviour and as planned".
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