China Sees Second Shipbuilder Default This Year as Economy Slows
- Wuhan Guoyu didn’t transfer funds to Shanghai Clearing House
- The company also has 200 million yuan of bonds due on Oct. 28
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A Chinese shipbuilder failed to make a bond payment due Monday, becoming the second such company to default in the onshore market this year.
Wuhan Guoyu Logistics Industry Group Co., which is based in the central province of Hubei, didn’t transfer funds for interest and principal payment to the Shanghai Clearing House before the due time, according to a statement Monday. The firm issued the 400 million yuan ($60 million) of one-year bonds at 7 percent in 2015.