Chinese developer Sunshine 100 defaults on US$170 million bond

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SHANGHAI : Chinese developer Sunshine 100 China Holdings Ltd said on Monday it had defaulted on a US$170 million dollar bond due to liquidity issues.The announcement comes days after bigger rival China Evergrande Group said there was no guarantee it would have enough funds to meet debt repayments.

SHANGHAI : Chinese developer Sunshine 100 China Holdings Ltd said on Monday it had defaulted on a US$170 million dollar bond due to liquidity issues.

It shows some developers continue to struggle even as Beijing has started to marginally relax financing to meet developers' normal funding needs. The delinquency would also trigger cross default provisions under certain other debt instruments, the company said.

 

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