China's property crisis deepens as another huge developer risks default | CNN Business

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Investor confidence in China’s troubled property sector has been rocked again this week by reports that one of the country’s largest private building conglomerates missed interest payments on two bonds.

On Tuesday, state-owned media outlet Paper.cn, citing an anonymous company source, reported that Country Garden suffered “temporary liquidity pressure” due to deteriorating sales and a difficult refinancing environment.

5 by sales in the first half of this year, according to the China Index Academy — a leading Chinese real estate research firm, a sign that even the biggest players in the industry are suffering from the worst slump the country’s property market has seen.

“If Country Garden, the biggest privately owned developer in China goes down, that could trigger a crisis in confidence for the property sector,” said Edward Moya, a senior market analyst for Oanda.

“The downgrade reflects our expectation that Country Garden’s credit metrics and liquidity buffer will weaken due to its declining contracted sales, still-constrained funding access and sizable maturing debt over the next 12 to 18 months,” Kaven Tsang, a senior vice president at Moody’s, said in a statement.

Last Monday, Premier Li Qiang pledged to “adjust and optimize” policies to ensure the healthy and stable development of the property market, urging cities to roll out measures that meet their own needs,

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