Yango Group Defaults on $657 Million of Bonds

What’s new: Chinese developer Yango Group Co. (000671.SZ) failed to pay $27.3 million of interest on two U.S. dollar bonds initially due Jan. 15 after a 30-day grace period, the company said Friday.

The two bonds are a $300 million, 9.25% U.S. dollar bond due April 2023 and a $357 million, 7.5% bond due April 2024, the company said.

Since the third quarter of 2021, Yango faces not only pressure from regulators to reduce its debt but also a sales decline and liquidity problems.