China's Longfor Group Holdings said late on Wednesday it had settled a debt payment, after the property developer's shares dropped 16.4 per cent on rumours that it faced problems clearing the amount.
The Chinese real estate market is in the midst of a debt crisis as major property developers including China Evergrande Group have defaulted on debt payments in recent months. Longfor confirmed it settled the commercial paper, a type of short-term debt instrument, without deferring payment.The Shanghai Commercial Paper Exchange also said the property developer had no record of commercial bill defaults.
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