Country Garden’s losses fan worst fears on China property market 
Country Garden Holdings, China’s largest developer by contracted sales between 2017 and 2022, is on the brink of default after bondholders failed to receive coupon payments of two-dollar notes. The company has fallen to sixth place in sales this year and confirmed that it expects to post a net loss of 45 billion yuan to 55 billion yuan ($7.6 billion) for the first half of 2023, compared to earnings of 1.91 billion yuan last year.