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The two sources, who have no information on the bailout talks, said some Country Garden bondholders do not expect a higher recovery rate on their investments even if such a deal were to eventuate.

"If that does eventuate, interest rates will probably need to be higher than what we're thinking," he said on a call with analysts and media.

A person with direct knowledge of the sales process said it was uncertain whether a deal would eventuate.

But so far no bold stimulus measures have been announced, and views are split among industry experts whether they will eventuate.

Joshi said venture capitalists eschewed military projects because of long lead times and the risk that orders may not eventuate.