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Tsinghua Unigroup Defaults Push Up China’s 2021 Offshore Sum

Views of Shenzhen As China’s Li Sees Economy Returning to 'Proper' Range Next Year
Photographer: Yan Cong/Bloomberg
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A series of bond defaults by Tsinghua Unigroup Co. has pushed up the total value of defaults in China’s offshore market this year to almost a third of 2020’s total.

Unigroup defaulted on $2 billion worth of notes in January, comprising the majority of the $2.7 billion total value. Solar power operator GCL New Energy Holdings Ltd. defaulted on a $500 million note on Jan. 30, while Macrolink Global Development Ltd. missed a payment on a $208 million bond on Jan. 4.