China's Country Garden on Brink of Default, Deepening Property Sector Crisis
- Country Garden, China's largest developer, has missed bond payments and faces default on its $11 billion in offshore debt.
- A default would worsen the ongoing liquidity crisis in China's property sector, which makes up a quarter of the economy.
- Country Garden's founder Yeung Kwok Keung provided loans to the company and tried selling jets amid financial troubles.
- Chinese authorities have taken some steps to revive the property market but more developers continue to default.
- The looming default highlights disclosure issues in China's real estate sector and could make offshore borrowing more difficult.
Reuters 
CNA 
Fortune 
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