China's Property Giant Country Garden on the Verge of Financial Collapse

China's largest property developer, Country Garden, is facing severe financial difficulties as the economic crisis in China deepens. It has over $187 billion in debt and narrowly avoided defaulting on some bond repayments recently. Plunging property sales and a sluggish economy have caught up to the developer. Presales of unfinished apartments have fallen over 50% in recent months. Country Garden rose rapidly by developing properties quickly and selling homes fast. However, it focused heavily on smaller cities where demand has declined sharply. Its collapse could have major repercussions throughout China.