Chinese Developer Sinic Defaults Amid Evergrande Contagion
- Firm earlier warned it would fail to repay $250 million note
- Grace period for Evergrande interest payments nears end
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Sinic Holdings Group Co. became the latest Chinese real estate firm to default as investors wait to see whether China Evergrande Group Inc. will meet overdue interest payments on dollar bonds this week.
Sinic’s credit rating was lowered by S&P Global Ratings to Selective Default from CC after the company failed to repay the interest and principal of its $250 million note due Monday, according to a statement dated Tuesday.