China's troubled property giant Country Garden has reportedly defaulted on a bond payment

• Chinese developer Country Garden was officially deemed in defaulted Wednesday, Bloomberg reported.
• It failed to meet its obligations on a dollar bond within the grace period that ended last week.
• China is in the midst of a broad real estate slump, weighing on major developers.

Chinese real estate developer Country Garden has been officially declared in default after failing to meet obligations on a dollar bond, according to a notice from Citicorp International reported by Bloomberg.