HONG KONG -- Country Garden Holdings, a private real estate developer at the center of China's property sector crisis, said it had failed to make a $60 million debt payment and lacked sufficient cash to "meet all its offshore payment obligations."
In a statement published Tuesday on the Hong Kong Exchange, Country Garden President Mo Bin said the company has "been under remarkable pressure," and faces "significant uncertainty," as there has "not been any material, industrywide improvement in property sales."
