Country Garden faces second debt challenge in days as offshore payment comes due

China's largest private property developer, Country Garden, faces a deadline for making interest payments on two U.S. dollar bonds on Tuesday, just days after dodging an onshore debt default with a last-minute payment extension deal. Country Garden last month said it had not paid coupons on the bonds due on Aug. 6 totalling $22.5 million, exacerbating market fear that the developer was slipping into a worsening liquidity squeeze. The deadline looms just days after Country Garden won approval from onshore creditors to extend a private bond worth 3.9 billion yuan ($536 million), bringing relief to markets.