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

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.

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