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According to CNN, the company had said in its filing that it would “consider adopting various debt management measures,” without elaborating further, as well as lean on a task force newly set up to “cope with” its challenges. Country Garden shares plunged 8.7 per cent in Hong Kong Friday following its loss warning, as well as a report from Chinese news outlet Yicai that the firm was preparing for a debt restructuring, citing unidentified sources.

The company has in recent weeks become the latest sign of China’s economic troubles, as it teeters on the brink of default and, by its own admission, works to save itself.

The developer, which employs some 300,000 people, has a massive debt pile that’s being compared to that of Evergrande, the world’s most indebted property group. Short of cash, one of China’s biggest asset managers has missed payments to investors. The disclosure lays bare the financial woes currently facing Country Garden, a massive builder of hundreds of thousands of homes annually across China, as per CNN. It avoided default by winning approval from its creditors to extend payments for an onshore private bond in a major relief for the embattled Chinese developer as well as the crisis-hit property. A model Chinese real estate developer in a sector replete with risk takers is teetering on the edge of default.