China’s largest property developer, Country Garden, said that it faced a loss of USD 7.1 billion in the first six months of the year, mounting pressure on the Chinese homebuilder already experiencing a financial meltdown, The New York Times (NYT) reported.
One after another, the companies began to crumble as they could not pay their bills. More than 50 Chinese property developers have defaulted or failed to make debt payments in the last three years, NYT reported citing credit ratings agency Standard & Poor’s.
The case against Gauri Khan, wife of Bollywood superstar Shah Rukh Khan has been filed under Indian Criminal Code section 409 (criminal breach of trust) (IPC)