On the north-west edge of Shanghai, over one hundred salespeople in black suits gathered around a replica of a Country Garden residential development as an enthusiastic instructor offered guidance on how to sell apartments.
Behind the glistening showroom for Project Exquisite, workers and cement trucks moved in and out of a vast construction site where the scaffolded towers were close to completion.
The scene evoked the glory days of China’s multi-decade real estate boom, but the sector is in crisis. Country Garden, the country’s biggest developer by sales, has emerged as one of the most prominent survivors in an industry plagued by construction delays, defaults and falling sales for more than a year.
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