Country Garden Slides as Funding Woes Worsen

(Bloomberg) — One of China’s last major developers to have avoided defaults amid the nation’s property debt crisis slid in equity and credit markets Tuesday after canceling a share placement.

Shares of Country Garden Holdings Co., one of China’s largest private-sector developers, fell as much as 11% in their biggest drop this year and ended down 7.6%. Its closely watched dollar bond due January next year, its nearest such maturity, dropped 2.3 cents Tuesday to 32.5 cents, a level that indicates high uncertainty on repayment.