Another liquidity-challenged Chinese property developer, Yango Group, has defaulted on a RMB 600 million ($94.62 million) onshore bond after failing to make a payment due on Tuesday, reports Nikkei Asia.
China Construction Bank, the underwriter, said in a statement late on Wednesday that Yango did not pay the principal and interest in full on the due date.
Yango defaulted on two dollar bonds in February, triggering demand for early repayments from some investors of its onshore bonds. The onshore bond payment in question was originally due in June.
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