A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSept 14 (Reuters) - Moody's on Thursday cut China's crisis-hit property sector's outlook to negative from stable, citing economic growth challenges the ratings agency said would dampen sales despite government support. China Evergrande Group (3333.HK), the world's most indebted property developer, is at the centre of the crisis. The crisis has also engulfed China's largest private property developer Country Garden Holdings Co (2007.HK), which has been battling to avoid a default, having won approval from its creditors this week to extend the maturity of several onshore bonds. Credit stress at Country Garden, which Moody's rates as Ca with a negative outlook, has amplified investors' risk aversion, Cedric Lai, an analyst at the agency said in a statement.

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Persons: Tingshu Wang, Moody's, Cedric Lai, Dimpal Gulwani, Jacqueline Wong, Jamie Freed Organizations: REUTERS, China Evergrande, HK, Garden Holdings, Thomson Locations: Tianjin, China, China's