Country Garden warned on Wednesday that it could default on its vast debts as it reported a loss of 51.5 billion yuan ($10.9 billion AUD) for the first six months of the year.The company, which was China's largest residential developer last year, said it had been caught off guard by the depth and persistence of the slump in the real estate market, particularly in smaller Chinese cities, and had failed to react fast enough."The company felt deeply remorseful for the unsatisfactory performance," it said in a filing to the Hong Kong Stock Exchange.
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