Chinese developer Country Garden succumbs to debt crisis

Chinese developer Country Garden Holdings is facing its first-ever default and has hired advisers, indicating that the company may be headed for a major restructuring. Country Garden has $11 billion of offshore notes outstanding and has experienced a decline in contracted sales, causing concern about the impact on China's property sector. The company's shares dropped 8.3% on the news. Country Garden has engaged advisers to evaluate its capital structure and liquidity and formulate a solution. https://ift.tt/Hp4QuYf