Despite Country Garden's last-gasp payment, China's property sector remains in crisis: two-thirds of its developers with most offshore debt are defaulters

• One of China's largest developers averted a debt default Monday after paying two coupons during the grace period.
• But the property crisis is far from over – with Bloomberg data showing 34 of the top 50 developers as defaulters.
• The remaining 16 firms face almost $1.5 billion of combined bond payments due September, per the data. 

China's property sector remains on a knife-edge despite one of the nation's largest developers managing a last-gasp payment on two missed bond coupons this week.