China property developer Country Garden likely to formally default on $15mn coupon payment

<p>The word out of China is that troubled developer Country Garden is likely to formally default on a $15 mln coupon payment due on offshore debt:</p><ul><li>the payment is due on Tuesday 17 October at the conclusion of the 30-day grace period</li></ul><p>While China's economy is showing signs of recovery there is no such sign from the property sector. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.