Cover Story: Clock Ticking on Country Garden’s Debt Bomb

Country Garden Holdings Co., which was China’s top developer in terms of sales for six consecutive years starting in 2017, is now poised to become the next casualty in the nation’s property crisis as it teeters on the brink of its maiden bond default.

The Guangdong-based developer is facing imminent payments in September for three bonds either to mature or with a put option due with a combined principal of 7.3 billion yuan ($1 billion), as it grapples to secure sufficient funds to meet its debt obligation.