Another China Company Defaults on Bond Payment as Borrowing Costs Jump
- Dandong Port fails to repay part of bond principal Monday
- Hard for firms to roll over debt due to costs: China Merchants
This article is for subscribers only.
Another Chinese company has missed a local bond payment, highlighting how weaker firms in the nation are struggling to honor their debts as borrowing costs jump.
Dandong Port Group Co. failed to repay part of notes investors sold back to the issuer Monday, according to a statement on the Chinamoney website that cited the firm’s “big debt burden.” The privately held company is based in Dandong, an industrial city bordering North Korea that has been an area of focus amid United Nations sanctions against Kim Jong Un’s regime.