China's Country Garden Teeters on the Edge of Defaulting on $11 Billion Overseas Debt

China's largest private property developer, Country Garden Holdings, is on the verge of defaulting on its $11 billion overseas debt, as it has yet to make a coupon payment due on Wednesday. This potential default would deepen the crisis in China's property sector, which accounts for a quarter of the country's economy. If the payment is not made by midnight in New York, the company will be deemed in default. With $11 billion of offshore bonds and $6 billion of onshore loans, a default by Country Garden could lead to one of China's largest corporate debt restructurings.