China’s Country Garden warns it could default on debt

Property developer has about $200bn in liabilities and says its sales are under remarkable pressure'

China's largest private developer has warned it could default on its international debts, dealing another blow to the country's embattled property industry.

Country Garden has about $200bn (163bn) in liabilities and nearly $11bn in dollar-denominated offshore bonds. It has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week.