China's largest Property Sector company Country Garden is collapsing

Country Garden is one of the few remaining large, (arguably) better-quality private developers that had been largely unscathed by the liquidity crunch, even as peers such as Shimao Group Holdings - a recently investment grade developer whose collapse in December was viewed as "more devastating than debt crises at Evergrande and Kaisa" - dramatic reversals in their credit ratings.

At least until now... and now that Shimao has imploded, Country Garden remains perhaps the final and most visible bellwether for contagion risk, as unprecedented levels of stress in the offshore credit market threaten to drag good credits down with bad.

Or at least she was, because on some of Country Garden's US dollar notes plunged to record lows in the wake of a report that the firm failed to win sufficient investor support for a possible convertible bond deal. Longer-dated bonds were trading as low as 69 cents on the dollar as of late Friday.

https://www.zerohedge.com/markets/chinas-property-sector-crashing-again-and-time-it-has-reached-countrys-biggest-developer