"Debt Woes Deepen for China's Country Garden with Liquidation Petition"

A liquidation petition has been filed against Chinese developer Country Garden for non-payment of a $205 million loan, adding to China's property sector woes and undermining Beijing's efforts to restore confidence in the industry. The petition, filed by a creditor, could cloud the developer's debt revamp prospects and exacerbate the real estate crisis, putting strain on its lenders and potentially delaying the recovery of the Chinese economy. Country Garden's shares were trading down 11% following the news, and the company has stated it will "resolutely" oppose the petition.