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Pressure on China’s Property Market Builds as Country Garden Faces Fresh Stress

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The developer said it would issue some $35 million in new shares to free up cash.

Country Garden Holdings , one of China’s biggest property developers, is due to report earnings for the first half on Wednesday after missing interest payments on its bonds earlier this month.

Ahead of the results, Country Garden said it would issue some $35 million in new shares to free up cash. On Tuesday, Country Garden asked creditors for a 40-day grace period for an onshore bond payment due Saturday.

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