10/26/2021- 10:03 p.m.
CHINA CRISIS: Modern Land becomes latest property developer to DEFAULT
A real estate developer that uses green technologies has become the latest Chinese builder to fail default on a payment, adding to the record for offshore bonds from the nation’s borrowers, Reuters reported.
Modern Land, which builds energy-saving homes throughout China, didn’t repay either the principal or interest on a $250 million bond due Monday, according to a filing Tuesday morning.
The company is working with its legal counsel and expects to engage independent financial advisers soon, the filing said.
