Chinese property giant Country Garden denied Thursday its founder and chairwoman had fled the country, as the debt-saddled builder flirts with a default that could send shockwaves through the industry.
One of China's biggest developers, Country Garden has racked up debts estimated at 1.43 trillion yuan ($196 billion) as of the end of 2022.
Unverified reports in Chinese financial media this week claimed founder Yang Guoqiang and his daughter Yang Huiyan -- the company's chairwoman -- had left China.
But the firm quashed the speculation Thursday, saying "the founder... and the group's chair of the board of directors are currently working normally inside the country".
"This rumour was posted with ulterior motives on multiple online platforms, causing a negative impact," the firm said in an online statement.
"We... reserve the right to take legal action over malicious rumours," it added.
Yang Huiyan took over as chair of Country Garden in March after her father stepped down from his position on the board.
But her company is now on the frontlines of China's property crisis that has seen a string of debt-laden builders either defaulting or threatening to do so.
Bloomberg News reported last month that the billionaire boss of beleaguered builder China Evergrande -- which defaulted in 2021 -- was being held by police.
Chinese property giant Country Garden denied Thursday its founder and chairwoman had fled the country, as the debt-saddled builder flirts with a default that could send shockwaves through the industry.
One of China's biggest developers, Country Garden has racked up debts estimated at 1.43 trillion yuan ($196 billion) as of the end of 2022.
Unverified reports in Chinese financial media this week claimed founder Yang Guoqiang and his daughter Yang Huiyan -- the company's chairwoman -- had left China.
But the firm quashed the speculation Thursday, saying "the founder... and the group's chair of the board of directors are currently working normally inside the country".
"This rumour was posted with ulterior motives on multiple online platforms, causing a negative impact," the firm said in an online statement.
"We... reserve the right to take legal action over malicious rumours," it added.
Yang Huiyan took over as chair of Country Garden in March after her father stepped down from his position on the board.
But her company is now on the frontlines of China's property crisis that has seen a string of debt-laden builders either defaulting or threatening to do so.
Bloomberg News reported last month that the billionaire boss of beleaguered builder China Evergrande -- which defaulted in 2021 -- was being held by police.
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