Default deadline looms for China's property giant Country Garden

Country Garden Holdings, China's largest private property developer, is hours away from defaulting on its $11 billion in offshore debt, yet to make a coupon payment to bond holders due on Wednesday, according to Reuters.

Country Garden's default would set the stage for one of China's largest corporate debt restructurings, with approximately $11 billion in offshore bonds and $6 billion in onshore loans.

It’s worth noting that Country Garden was formally on the edge of default in September, but was able to negotiate an extension of the repayment date.