Caixin
Jan 30, 2019 07:12 PM
FINANCE

Cash-Strapped Investment Group Fails to Repay $445 Million Debt in Full

The headquarters of China Minsheng Investment Group is seen in Shanghai on Aug. 11. Photo: IC
The headquarters of China Minsheng Investment Group is seen in Shanghai on Aug. 11. Photo: IC

Debt-laden China Minsheng Investment Group Corp. Ltd. (CMIG) has failed to pay back at least part of a 3 billion yuan ($445 million) loan, underscoring concerns that it could default on more of its borrowings set to mature this year.

Some of investors in the three-year private placement note, which was due for repayment on Tuesday, told Caixin that they had yet to receive their money by midday Wednesday, marking the first time the company has failed to honor a payment on time.

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