China’s asset group announced on Friday that it was a major $ 226 million option because it had failed to raise funds by the due date, joining a list of the country’s asset developers battling a debt crisis.
The case highlights how the Evergrande Group, which is struggling under $ 305 billion in debt, is impacting the rest of the high yields as liquidity dries up and sales slows.
Earlier this week, Chinese developer Sinic Holdings said it was likely to cease $ 250 million in bonds.
China Properties said it had not been able to secure funds until Oct. 15, the due date of the banknotes, due to a “mismatch in timing” and that it would not be able to make repayments until it sold or sold some of its assets.
The Hong Kong-based company said its controlling shareholder, Wong Sai Chung, had promised to continue to provide support to the company during the liquidity crisis.
For the time being, the notes will be deleted from the foreign exchanges.