China's government tries to defuse economic fears after real estate developer's debt struggle

China’s government is trying to reassure jittery homebuyers after a major real estate developer missed a payment on its multibillion-dollar debt, reviving fears about the industry’s shaky finances and their impact on the struggling Chinese economy. Economists say there is no indication Country Garden’s problems might spread beyond China. But they highlight the industry’s struggle under pressure from the ruling Communist Party to reduce soaring debt that is seen as an economic threat. That has bankrupted hundreds of small developers and depressed China’s economic growth. A government spokesman tried to reassure the public, saying financial conditions are improving and regulators are getting debt under control.