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Embattled Chinese property developer Country Garden faces yet another liquidity test with Monday's deadline to pay $15 million in interest linked to an offshore bond after having dodged default at the last minute twice earlier this month. The country's No.1 private developer, whose financial woes have worsened the property sector outlook and prompted Beijing to unveil a raft of support measures, will have a 30-day grace period to pay the coupon before it would be considered in default. If Country Garden fails to pay the $15 million before the grace period ends in mid-October, the principal will become due immediately and any failure to service will trigger cross-default terms, said Sandra Chow, co-head of Asia-Pacific research at CreditSights.

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