China’s fourth-largest developer (by sales) is approaching a possible default

  • China’s fourth-largest developer by sales is approaching a possible default
  • the sector’s liquidity crisis shows no sign of easing despite government vows of suppor
  • Some of Country Garden Holdings Co.’s dollar bonds were poised for their biggest drops in two months.
  • Sunac China Holdings Ltd.’s grace period to make a dollar-bond interest payment ends Wednesday,
  • Failure to do so could trigger cross-default on other offshore debt, the bond’s prospectus shows.
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