Guizhou, Shanghai, China

Troubled Chinese property giant Country Garden risks defaulting on its bond payments next month, which could have disastrous consequences for the world's second-largest economy.

The firm's debt woes come two years after the unravelling of its competitor Evergrande.

Here is why Country Garden's plight is being closely monitored by markets:

How important is Country Garden?

Country Garden was China's largest private developer in terms of sales last year. It has extensive operations in small cities, which host about 60 per cent of its projects.

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