Struggling property developer Country Garden’s shares hit record low after suspending bond trading amid a severe cash crunch

• Another Evergrande-like crisis is brewing in the Chinese property sector.
• Country Garden is the latest developer to suspend its bond trading amid a wider liquidity crisis.
• Shares in the embattled firm hit a record low Monday morning – fuelling a broad sell-off in property stocks.

China’s property sector has been dealt with another blow as shares in one of its largest developers hit an all-time low Monday morning, after it suspended trading in almost a dozen local bonds. 

Country Garden Holdings – once China’s largest developer by sales – announced in a weekend release that it would be suspending trading in ten of its yuan-denominated bonds after missing two coupon payments worth a combined $22.5 million last week. The move adds to speculation that the firm will begin restructuring its debt with the help of financial advisers.