A Chinese developer has defaulted on two dollar bonds, halting payments on offshore notes

  • 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.
china property 04 August 2022

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.

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