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China's largest property developer, Country Garden, is on the brink of a significant default that could have far-reaching consequences. The company is at risk of defaulting on its entire offshore debt if it fails to meet a crucial $15 million coupon payment, which is due on Tuesday, marking the end of a 30-day grace period. Failure to make this payment is expected to trigger cross defaults on other bonds, following the standard provisions within bond contracts. The warning signs were evident last week when Country Garden expressed concerns about its inability to meet offshore debt obligations, placing it in a category with numerous Chinese developers who have recently faced similar financial challenges. In addition to the impending coupon payment, Country Garden has also missed other offshore payments in recent weeks, though these payments have not yet exhausted their 30-day grace periods. The company has chosen not to comment on the situation. With approximately $11 billion in offshore bonds and $6 billion in offshore loans, a default by Country Garden could set the stage for one of the most substantial corporate debt restructurings in China. The unfolding developments underscore the growing concerns surrounding the financial health of major Chinese property developers and their potential impact on global financial markets.