China's Country Garden warns it may default on $187B debt, sparking fears it could face fate similar to Evergrande amid real estate crisis

China's Country Garden recently warned it could miss making debt payments. It owes about $187 billion.

Country Garden is a "canary in the coal mine" for China's economy according to expert Dennis Unkovic.

Unkovic says the Chinese economy is in the worst position he's seen in memory, due to real estate sector woes.

Real estate makes up a third of China's economy and is in freefall. Country Garden sales have dropped 80% year-over-year.

Unkovic sees Country Garden potentially facing a similar fate to Evergrande, whose stock plummeted 99% amid its own debt crisis.