The deepening woes at Country Garden offer more evidence that China’s all-important property market is languishing in a persistent downturn, which poses a major threat to the country’s growth prospects. Country Garden was one of the few major private developers still standing after a liquidity crisis engulfed China’s property sector two years ago. The news shocked investors, triggering a broad sell-off in China’s property stocks. Significant uncertaintyOn Tuesday, Country Garden reported that its sales plunged further in September, down 81% from a year earlier. If confirmed, a debt restructuring for Country Garden would be the latest for a Chinese home builder.

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Persons: “, Houlihan Lokey, Sidley Austin, Xu Jiayin Organizations: Hong Kong CNN, Hong Kong, Hong Kong Stock Exchange, CNN, China International Capital Corporation Hong Kong Securities, Country Locations: China, Hong Kong, Beijing