Country Garden Signals Default as China Property Woes Deepen

(Bloomberg) — Chinese developer Country Garden Holdings Co. offered the strongest indication yet that it’s set for a maiden default and debt restructuring in the latest sign that authorities’ rescue efforts are far from enough to stop the nation’s property crisis from worsening.

China’s former top builder warned in a stock exchange filing Tuesday that it will not be able to meet all of its future offshore payment obligations, including dollar bonds. Such nonpayment may lead creditors to demand acceleration of payment or pursue enforcement action, it said.