Chinese property developer Country Garden has reported a record loss of $6.7bn for the first half of 2022, raising concerns about the company's financial stability. The company has total debt of $187bn and warned that it may not be able to meet its debt obligations, potentially resulting in default. Country Garden is seeking a 40-day grace period for a $540.8m onshore bond that is set to mature next week. The company's struggles reflect the wider decline in China's property sector, which has been hit by a lack of funding and a decline in customer demand.

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