Embattled Chinese Developer Country Garden Faces Mounting Losses, Default Risks Amid Property Market Slump

Country Garden posted a record $6.7 billion first-half net loss and warned of default risks as China's property crisis worsens.
The company missed offshore bond payments and is negotiating with creditors to extend onshore bond maturity.
Country Garden faces a crucial bondholder vote on delaying repayment as its Hong Kong shares rebound.
China's property slump continues to worsen with home sales falling the most in a year in July.
A Country Garden default could further undermine confidence in China's economy and property sector.