Another Chinese property developer said it had defaulted on a major bond repayment, citing liquidity problems.
China's real estate industry has cooled in recent months after Beijing tightened home buying rules and launched a regulatory assault on speculationBEIJING - Another Chinese property developer said Monday it had defaulted on a major bond repayment, citing liquidity problems amid a government crackdown on the debt-laden sector.
The moves have created headaches for several major developers, notably China Evergrande, the country's second-largest by volume that is weighed down by billions of dollars in debt. The default was due to"liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment and the real estate industry", the company said in an exchange filing.
The company now has $385 million of outstanding dollar notes, according to data compiled by Bloomberg.
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