Chinese property giant Country Garden to miss overseas debt payments

Embattled Chinese property developer Country Garden Holdings Co. said Tuesday it expects to miss upcoming overseas debt payments as its sales have plunged amid a deepening real estate sector crisis in the country.

The company, based in southern China’s Guangdong Province, said in a statement that it has failed to make a due payment of HK$470 million ($60 million), which may lead to some creditors demanding future repayment schemes are accelerated or pursue enforcement measures.

The developer also noted that it has seen a continuous net cash outflow since 2020 and its available funds have conti...