China's Largest Private Developer Faces $11 Billion Default if Payment Missed
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Country Garden Holdings, China's biggest private property developer, faces default on $11 billion in overseas debt if it fails to make a $15 million bond payment by midnight Oct 19.
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A default would worsen the crisis in China's property sector, which accounts for about 25% of the economy.
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Country Garden has already missed other recent offshore payments, though grace periods remain.
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A default could lead to one of China's largest corporate debt restructurings given Country Garden's huge debt load.
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Privately-run Chinese developers are struggling more than state-linked firms to access funding amid the property sector crisis.
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