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China’s biggest property developer, Country Garden, defaulted on interest payments on dollar-denominated debt with a face value of $1 billion on Monday, sparking steep selling of its bonds and raising fresh fears about China’s highly indebted real estate sector.
The developer missed $22.5 million of interest payments that were due Monday, as the Wall Street Journal reported. Prices of the two bonds, that mature in 2026 and 2030, promptly fell below 8 cents on the dollar and remained at distressed levels on Wednesday.
As…
