HONG KONG/SHANGHAI : China state-backed Greenland Holdings has defaulted on a dollar bond worth $432 million due to a missed amortization payment, sources with knowledge of the matter said on Wednesday.The default adds to the debt woes plaguing the Chinese property sector as more liquidity troubles have e
HONG KONG/SHANGHAI : China state-backed Greenland Holdings has defaulted on a dollar bond worth $432 million due to a missed amortization payment, sources with knowledge of the matter said on Wednesday.
Once a key growth driver, the real estate sector is now a significant drag on the cooling economy, spilling over into everything from construction to flagging consumer confidence and retail sales. Another state-backed developer, Sino-Ocean Group, has initially proposed to creditors to extend the principal repayment of a 2 billion yuan onshore bond due August 2 by one year, two sources with direct knowledge said on Wednesday.
HSBC, trustee for the bond, notified holders on July 14 of an event of default because the developer did not pay the 5 per cent amortization worth 22.5 million on due day, and the non-payment continued for the next seven days, according to Debtwire, who first reported about the default.
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