Country Garden missed a local bond payment—the latest difficulty for a giant once seen as among China's strongest property developers, but which has been pushed to the brink by the country's [real-estate slump](https://www.wsj/world/china/china-real-estate-crisis-state-housing-656c5093). It was the first time Country Garden missed an interest payment on an onshore bond, but the company has [already failed to pay overseas creditors](https://www.wsj/finance/chinas-country-garden-was-given-a-second-chance-to-make-a-bond-payment-it-failed-57cf66a7). It defaulted on a dollar bond in October and is fighting a liquidation petition in Hong Kong related to a roughly $200 million loan.
Rebecca Feng is a financial journalist who writes for The Wall Street Journal, Yahoo Finance, and LiveMint. Her work has also been featured in Fox Business Network, Financial News, and Private Equity News. Rebecca specializes in covering topics related to China's economy, stock market, and business landscape, providing insights and analysis on key developments and trends.