These 5 Chinese real estate developers are already in trouble

Since then, more developers have made similar public confessions, unnerving investors and raising fears of contagion across the vast sector.

The final — and worst — option would be a disorderly series of defaults, which would send shock waves across China's economy, and perhaps beyond. Last week, the company reportedly failed to meet a deadline to pay $148 million in interest on bonds denominated in US dollars. It was the third such payment the conglomerate appeared to have missed in recent weeks.

Shares in the company, which has a market value of 3.2 billion Hong Kong dollars , are down nearly 60% this year.China Properties Group said last Friday that its development subsidiary, Cheergain Group, had defaulted on $226 million worth of payments on bonds due that day. While Modern Land appeals for breathing space to sort out its finances, Chairman Zhang Lei and President Zhang Peng are dipping into their own pockets to support the business. They said they would lend the company 800 million yuan .

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MSD Philippines: Anti-viral drug molnupiravir won’t be as expensive as reportedThe anti-viral pill molnupiravir will not be extremely expensive once it becomes available in the Philippines, a local official of the drug developer MSD Pharmaceuticals said on Monday. Will not be extremely expensive, pero expensive pa rin sya. Czar! 🇵🇭❤️ akala ko hotdog 😭
Source: CNN Philippines - 🏆 13. / 63 Read more »

Agriculture losses to ‘Maring’ hit P2.17BAside from the 40 people killed and 18 missing by Severe Tropical Storm MaringPH, damage to agriculture in seven regions has already reached P2.17 billion, the NDRRMC reported. | jiandradeINQ
Source: inquirerdotnet - 🏆 3. / 86 Read more »

[OPINION] To Christians voting for Bongbong Marcos'In the context of our elections, for which the truth has already been sacrificed, many Christians must muster all the courage to first set themselves free.' PHVote WeDecide ThoughtLeaders piece by Jayeel Cornelio. Senator Bongbong and Mayor Sara = President-Vice President = Hebigat. sana po wlang dayaan sa halalan sa 2022. bbm po tyo for persident. Pilipinas lang...
Source: rapplerdotcom - 🏆 4. / 86 Read more »

LOOK: Arny Ross and Franklin Banogon's prenup photos'Bubble Gang' star Arny Ross and businessman Franklin Banogon have been together for more than 13 years already.
Source: gmanetwork - 🏆 12. / 63 Read more »

1,509 children already inoculated against COVID-19, says DOHMore than 1,500 children aged 12 to 17 have already been vaccinated against the coronavirus disease (COVID-19).
Source: manilabulletin - 🏆 25. / 51 Read more »

TESDA grilled over P2-billion fund transfer to PITCSenators questioned TESDA over its transfer of P2 billion to the PITC even if the budget's validity has already expired. Buwagin n yang TESDA.. yan lang ang paraan pra mawala n yung mga nandyan.. Tandaan naten na ang mainstream media ay tahimik sa pagbabalita sa koneksyon ni Drilon kay Napoles. Ganyan tayo ginagago ng media. Ibabalita lang nila ang papabor sa kanila.
Source: ABSCBNNews - 🏆 5. / 83 Read more »