Country Garden faces second debt challenge in days as offshore payment comes due

HONG KONG: China's largest private property developer, Country Garden, faces a deadline for making interest payments on two U.S. dollar bonds on Tuesday, just days after dodging an onshore debt default with a last-minute payment extension deal.

Country Garden failed to pay coupons on the bonds totalling $22.5 million due on Aug. 6, exacerbating market fear of the developer's cash situation.