Embattled Chinese developer Country Garden (2007.HK) said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns about its financial strength amid debt woes, Reuters reported. The comment by China's largest private developer came after it missed two dollar coupon payments this month totaling $22.5 million, fuelling fears that the country's property debt crisis could hamper a broader economic recovery and spill overseas.

Bank of Japan Governor Kazuo Ueda said the pace of economic activity in China has been a disappointment that could cloud Japan's economic outlook, Reuters reported. China's July data, such as retail sales, business investment and industrial production were "on the weak side," Ueda said, according to the text posted on the BOJ's website on Monday.

Embattled property developer China Evergrande Group said on Friday it has "adequately" fulfilled the resumption guidance issued by the Hong Kong Stock Exchange and made an application to resume trading in shares on Aug. 28, Reuters reported. Once China's top-selling developer, Evergrande has become the poster child for an unprecedented debt crisis in the country's property sector, which accounts for roughly a quarter of the economy, after facing a liquidity crunch in mid-2021.

Chinese developer Country Garden Holdings has delayed from Friday until Aug. 31 the deadline for holders of a private yuan bond to vote on its new plan to extend its repayment schedule, a filing seen by Reuters showed. The deadline has been postponed to give bondholders more time to consider the plan, according to the filing. China’s largest private developer earlier this month missed two dollar coupon payments totalling $22.5 million, raising fears that the country’s deepening property debt crisis will hamper the financial sector and a broader economic recovery.

China's central bank has asked domestic lenders to scale back outward bond investments according to two sources with direct knowledge of the matter, the latest in series of increasingly strong steps to support the yuan, Reuters reported. The directive, issued this week, is for banks to restrict southbound purchases under the Bond Connect scheme, and is aimed at limiting the supply of yuan offshore, the sources said. The sources spoke on condition of anonymity as they were not authorised to talk to the media. The PBOC declined to comment on the content of the window guidance.

Global investors fleeing China have one simple message for the country's leadership: put prudence aside for a short while, and start spending big, Reuters reported. As they go from hope to disappointment and now capitulation, investors are losing patience with what they see as incoherent, slow and stingy measures by China to revive its sputtering economy and defuse a deepening property crisis.

At an unfinished Country Garden residential complex on the outskirts of the northern Chinese metropolis of Tianjin, construction has slowed to a dull whirr and a few idle workers roam a near-empty site, Reuters reported. "They haven't paid us since Chinese New Year (in January). We are all worried," said a labourer surnamed Wang, 50, who said he had stopped work at the Yunhe Shangyuan site last week. The sprawling complex is one of two projects Reuters visited on Friday in Tianjin, a port city of 14 million people about 135 km (84 miles) southeast of Beijing.

Local governments in some Chinese cities owe property developers 1 billion yuan ($137 million) to 2 billion yuan each in unpaid bills, according to a local media report, with pressure building on the authorities to pay their debt, Bloomberg News reported. The outstanding amounts owed to the property firms include tax rebates and promised reimbursement of land sale fees, Economic Observer reported late Monday, citing unidentified executives at developers.

China’s stock market was plunging and its currency was teetering. The head of the central bank, fielding questions at a rare news conference, said that China would make it easier to get home mortgages. It was February 2016 and Zhou Xiaochuan, the central bank’s longtime governor at the time, announced what proved to be the start of an extraordinary blitz of lending by China’s immense banking system. Minimum down payments for buying apartments were reduced, triggering a surge in construction. Vast sums were also lent to local governments, allowing them to splurge on new roads and rail lines.

At a moment when the U.S. is trying to reset its tense relationship with China, states across the country are leaning into anti-Chinese sentiment and crafting or enacting sweeping rules aimed at severing economic ties with Beijing, the New York Times reported. The measures, in places like Florida, Utah and South Carolina, are part of a growing political push to make the United States less economically dependent on China and to limit Chinese investment over concerns that it poses a national security risk.