NatSec Source: China Plans to ALLOW ITS REAL ESTATE DEFAULTS to “Cascade into Western Financial Markets”

Spread the love
  •  
  •  
  •  
  •  
  •  

China Fortune Land Development Co. Ltd. and its subsidiaries have defaulted on billions of yuan in debt as the property developer has struggled to scrape together cash amid a tightening regulatory environment.

The Shanghai-listed company said it has failed to pay 5.3 billion yuan ($813.5 million) in principal and interest on debts that include bank and trust loans, though not bonds, according to a company filing (link in Chinese) released late Monday.

Read More Here