Mar 21, 2024 03:38 PM
FINANCE
China Builder Radiance Defaults on Dollar Bond Amid Sales Slump
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Radiance’s default caps a turbulent month for the builder, during which its bonds soared to 88 cents on the dollar from a low of around 50 cents. Photo: Bloomberg
(Bloomberg) — Chinese developer Radiance Holdings Group Co. Ltd. defaulted on a $300 million bond after it missed a payment due Wednesday, making it the latest company in the nation’s real estate sector to fail to meet its repayment obligations.
The Beijing-based builder pointed to extreme pressure in China’s property sector and lack of improvement in sales in a statement filed to the Hong Kong exchange, saying that it will “exert its utmost effort” to ensure property delivery.
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