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China's Latest Default Foretold in Creditors Calling CFO Nonstop

  • Cement maker becomes at least 6th local-market default of 2015
  • Shanshui dollar bonds tumble as company files for liquidation
Bloomberg business news

China's Shanshui Cement Heads for Default

Updated on

The buzzing mobile phone foretold trouble.

During an interview last month at the posh Shangri-La Hotel in Hong Kong, Henry Li stepped aside four times in an hour to take calls. Creditors were frantically trying to connect with the chief financial officer of China Shanshui Cement Group Ltd., and they wanted to know one thing: Was his company about to default?