Property News · October 21, 2021

Evergrande crisis: developer Modern Land (China) cancels US$250 million bond repayment plan on liquidity issues


China’s property market has taken another turn for the worse as developer Modern Land (China) has cancelled its plan to repay a portion of a US$250 million junk bond and extend it just days before it was set to mature, joining China Evergrande Group and other peers in a financial mess.The Beijing-based builder scrapped a solicitation process related to a 12.85 per cent US$250 million bond due on October 25, citing liquidity issues and saying the exercise “would not be in the best interest of…

Source : South China Morning Post
Read more…Evergrande crisis: developer Modern Land (China) cancels US0 million bond repayment plan on liquidity issues