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Ivy Zhang figured she had it made.

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The State Council, China's Cabinet, plans to hold a video conference in the morning. Read more at straitstimes.com.

Country Garden was once China's largest property developer by sales, yet defaulted on its debt in October amid China's real estate crisis.

Country Garden’s debt crisis is entering a new chapter after a creditor filed a winding-up court petition in Hong Kong that adds pressure on the Chinese developer to quicken its restructuring efforts.

The company reported a loss attributable to shareholders of 33 billion yuan ($4.5 billion) for the six months ended June 30, according to a statement Sunday.

Evergrande’s fate has broad implications for China’s $60 trillion financial system, and could send ripples across banks, trusts and millions of home owners.

The move protects it from creditors in the US while it works on a restructuring deal elsewhere.

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Country Garden Holdings, one of China’s biggest property developers by sales, tumbled in both the shares and bonds markets amid concerns about its debt problems after it missed two US dollar bond coupon payments on Tuesday.