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Qinghai SOE Made Late Payments After Default Fears

By Han Wei / Feb 26, 2019 05:23 PM / Business & Tech

A state-owned aluminum producer said it has made last-minute payments on 20 million yuan ($3 million) in debts that were due Monday, averting a default that has sparked fresh concerns over the financial health of China’s corporate sector.

Qinghai Provincial Investment Group Co. Ltd. said Tuesday morning in a statement that it has made full repayments on principle and interests of the one-year private placement note totaling 21.4 million yuan to the Shanghai Clearing House by 7:00 p.m. Monday. The delayed payment, which was due at 5:00 p.m., was due to technical reasons, the company said in the statement.

Caixin learned that investors received their payments from Qinghai Provincial Investment by 10:00 a.m. Tuesday.

The Qinghai company’s late payment is the latest “technical default” by a state enterprise amid a wave of defaults of corporate bonds that have fueled worries about Chinese companies' financial standings.

Qinghai Provincial Investment missed an interest payment Friday on $300 million of offshore U.S. dollar-denominated bonds, the first such default in more than 20 years.

Related: China Logs First Dollar-Bond Default by Major State Firm in Two Decades

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