Troubled CEFC’s First Bond Default Deepens Debt Concerns
A key affiliate of troubled Chinese energy and financial giant CEFC China Energy Co. Ltd. confirmed Monday that it has failed to make principal and interest payments on nearly 2.1 billion yuan ($329 million) in bonds.
CEFC Shanghai International Group Ltd., CEFC China’s main business subsidiary, attributed its default to the fact that CEFC China’s founder and chairman, Ye Jianming, has been unable to perform his duties recently. Ye was placed under investigation by the authorities earlier this year on suspicion of economic crimes.
- 1In Depth: Tesla Charges Into China
- 2China Biz Roundup Podcast: Factory Inflation Stalls, iPhone Discounts, and Private Kindergarten Closures
- 3Update: China’s New Credit Growth Hits Record High
- 4 Operators of ‘Underground Banks’ Which Move Cash Out of China to Face Jail
- 5China Suspends Registration of Direct Selling Firms
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas