- A Chinese developer has defaulted on two dollar bonds and is halting payments on offshore notes, the latest delinquencies despite a plethora of recent government steps to ease the sector’s liquidity crunch.
- Times China Holdings Ltd. didn’t pay coupons on two dollar notes before grace periods ended within the past week, it said in a Wednesday night filing with Hong Kong’s stock exchange. An event of default occurs if the company fails to pay interest within 30 days of the due date, according to a circular for one of Times China’s dollar bonds.
This comes despite a huge ramp-up of support for sector. Recent announcements of support have emphasised further measures will be directed at ‘quality’ firms. Perhaps those not meeting such a definition are being let fail.