The crisis in China’s property sector deepened as Country Garden, the country’s biggest developer by sales, reportedly missed its final deadline for an interest payment on a dollar bond, putting it at risk of default.
The company, which has about $200bn (£163bn) in liabilities and nearly $11bn in dollar-denominated offshore bonds, was due to make a $15.4m coupon repayment this week, but failed to do so, according to reports. Its share price fell 4% in Hong Kong on Thursday, and is down 74% since the beginning of the year.
