Country Garden at Risk of Default as China Property Woes Mount
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Country Garden Holdings likely to be declared in default after missing interest payment on a dollar bond
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Company cites weak China property market and own sales drop as reasons it expects more payment issues
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Default triggers cross-default on Country Garden's $10B+ in dollar bonds
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Investors now focused on potential debt restructuring for distressed developer
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With $186B in liabilities, Country Garden is one of world's most indebted builders