China's Country Garden Faces Debt Crisis with $196B Owed, Missed Payments, and Risk of Halted Projects

Country Garden is one of China's biggest property developers with huge debts estimated at $196 billion.

It is facing a potential default and has already missed some debt payments.

Its cash flow problems have raised worries about impacts on China's economy which already faces challenges.

Country Garden is negotiating with creditors to reschedule debt payments but expects it may not meet all obligations.

Any halt to its construction projects risks social instability as homebuyers have paid upfront.