10/10/2023 0 Comments China property developer defaultThe company's chairman and president had also said he and the company would contribute nearly $124 million to pay off shareholder loans. Modern Land attempted divestitures, additional borrowing, and help from strategic advisors to stave off the debt problems, Bloomberg reported. Research firms including OANDA and Lucror Analytics called the missed payment a default, but Modern Land didn't specify whether it was a default or the start of a cross-default with its other debts. It's not yet clear whether the company has formally defaulted on the debt. It said in an October 20 filing it was facing liquidity problems and was seeking to hire financial advisers. Evergrande has the distinction of being the world’s most debt-saddled developer and has been on life support for months. 2 economy of one of its biggest growth drivers. In China, Evergrande, a sprawling real estate developer, is that company. Yet the mid-sized developer, which owns 200 apartment and office properties across China, scrapped those plans later in the month. It avoided default by winning approval from its creditors to extend payments for an onshore private bond in a major relief for the embattled Chinese developer as well as the crisis-hit property. China’s real estate crisis is showing no sign of abating, depriving the world’s No. ![]() The company requested earlier in October that it delay the repayment for three months, saying it aimed to take measures to "avoid any potential payment default." This aerial photo taken on Septemshows a housing complex by Chinese property developer Evergrande in Huaian in Chinas eastern Jiangsu province. The missed payment was caused by "factors including the macroeconomic environment, the real-estate industry environment, and the COVID-19 pandemic," Modern Land said in a press release. SHANGHAI, Dec 6 (Reuters) - Chinese developer Sunshine 100 China Holdings Ltd said on Monday it had defaulted on a 170 million dollar bond due to liquidity issues. ![]() Modern Land failed to pay back a $250 million bond that came due on Monday, making it the latest Chinese real-estate giant to miss a critical debt deadline. Modern Land is yet another developer under pressure.
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