China's Country Garden Warns of Imminent Default as Property Crisis Deepens

Country Garden, once China's largest developer, says it will likely default on its $11 billion in offshore bonds.
The company's sales have plunged over 80% amid a severe downturn in China's property sector.
Multiple major developers in China have already defaulted on debts as liquidity dries up.
Country Garden has hired advisers to restructure its massive debt load of nearly $190 billion.
Beijing has taken some steps to aid distressed developers, but broader risks to the financial system remain.