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Chinese developer Country Garden says it can’t meet debt payment deadlines after sales slump

AP Business Writer

HONG KONG (AP) — Chinese property developer Country Garden has warned it cannot meet deadlines to repay its loans as the company struggles to restructure its debts. The company’s difficulty in paying a 470 million Hong Kong dollar ($60 million) loan is the latest sign of distress in the industry after Beijing clamped down on mounting debts in the industry. Country Garden said in a filing to the Hong Kong Stock Exchange that it expects its financial troubles to continue. Chinese officials earlier had hailed it as a model real estate company since until recently it had avoided defaults even as rivals such as China Evergrande, the world’s most heavily indebted property firm, foundered.

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