KUALA LUMPUR, Aug 28 Reuters Embattled Chinese developer Country Garden said on Monday its 100billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns over its financial strength.

The comment by China39;s largest private developer came after it missed two dollar coupon payments this month totaling 22.5 million, fuelling fears that the country39;s property debt crisis could hamper a broader economic recovery and spill overseas.

Our company39;s projects in Malaysia are operating normally and the sales performance is strong, the developer39;s Singapore and Malaysia unit said in a statement, adding that its overall operation in the region was safe and stable.

Various debt management measures are considered to actively resolve the pressure of periodic liquidity, to ensure the company39;s longterm future development, it added, without elaborating.

Country Garden is building its largest overseas development, the massive Forest City project, across four reclaimed islands in the southern Malaysian state of Johor bordering the wealthy city state of Singapore.

Beset by challenges since its 2006 launch, the project, now home to about 9,000 people, saw demand fall sharply following China39;s move to stem capital outflows and the COVID19 pandemic.

Malaysians have also expressed concern at the prospect of a housing glut and environmental damage from a huge land reclamation effort.

The project aims to house 700,000 people by 2035 in a…