Embattled Chinese property developer Country Garden Holdings Co. said Tuesday it expects to miss upcoming overseas debt payments as its sales have plunged amid a deepening real estate sector crisis in the country.

The company, based in southern China's Guangdong Province, said in a statement that it has failed to make a due payment of HK$470 million ($60 million), which may lead to some creditors demanding future repayment schemes are accelerated or pursue enforcement measures.

The developer also noted that it has seen a continuous net cash outflow since 2020 and its available funds have continued to decrease amid significant financing and sales challenges.

Since the COVID-19 pandemic, the property sector crisis in the world's second-largest economy has continued, with China Evergrande Group, another major developer, filing for bankruptcy in a New York court in August.

==Kyodo

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