Jun 27, 2023 03:51 AM

BUSINESS

Central China Real Estate Suspends Payments on All Offshore Debt

By Niu Mujiangqu and Denise Jia

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Central China Real Estate posted its first-ever annual loss of 7.56 billion yuan ($1.04 billion) in 2022.

Central China Real Estate posted its first-ever annual loss of 7.56 billion yuan ($1.04 billion) in 2022.

A leading developer in central China’s Henan province defaulted on an offshore bond, joining a growing list of Chinese developers that have suspended dollar-bond payments to ensure delivery of projects.

Central China Real Estate Ltd. said it failed to pay interest on a dollar note before the end of a grace period Friday and would suspend payments on all offshore debt. The defaulted bond was $300 million of 7.75% senior notes due May 24.

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