Chinese developer Country Garden reports $6.7 bn loss

Embattled Chinese developer Country Garden reported a 48.9 billion yuan ($6.7 billion) loss for the first half of the year in a stock exchange filing Wednesday, adding to worries of a potentially catastrophic default.

One of China’s biggest builders, Country Garden has racked up debts of more than $150 billion and said this month it had failed to make interest payments on two loans.

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