London | On a site in a deprived part of east London, the cracks in the UK economy are meeting the crisis at distressed developer Country Garden Holdings.

The firm, which bought the land in 2018, has been planning to construct hundreds of apartments, but no buildings have gone up, and now the developer faces a cash crunch. Meanwhile, new home sales in the UK capital have collapsed to an 11-year low as surging interest rates and a cost-of-living crisis dampens demand. On a recent Wednesday, access to the site was closed with few signs of building work.

Bloomberg