Chinese developer Country Garden says it cannot meet debt payment deadline

Chinese property developer Country Garden warned that it cannot repay on time a 470 million Hong Kong dollar (£40 million) loan (AP Photo/Ng Han Guan)

Chinese property developer Country Garden has warned that it cannot repay a 470 million Hong Kong dollar (£49 million) loan on time.

The firm’s admission is the latest sign of distress in the industry after Beijing clamped down on mounting debts.