Chinese Developer Gemdale Keeps Its Streak of Not Defaulting Alive

Chinese real estate developer Gemdale Corp. (600383.SH) has managed to avoid defaulting on a major onshore bond, Caixin learned, but remains deep in debt as it ramps up efforts to offload assets and secure new sources of credit.

Gemdale has transferred funds to an escrow account to cover repayments on a 2 billion yuan ($278 million) bond, people familiar with the matter told Caixin, after investors exercised an option to get their money back two years earlier than the maturity date of March 2026.