China Builders Miss More Deadlines as Yango Skips Payments
- Firm’s parent failed to pay dollar bond interest in December
- Yango exchanged three other dollar notes late last year
The Yango Group Co. headquarters in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s troubled developers have given off more signs of strains this week, as one of the nation’s 20 largest builders failed to make two dollar-bond interest payments.
Yango Group Co., a Shanghai-based developer that operates in more than 100 cities across the country, didn’t make a combined $27.3 million of interest payments initially due Jan. 15 by a 30-day grace period, according to a Shenzhen stock exchange filing. The company, whose 2021 contracted sales were 19th highest according to China Real Estate Information Corp., said it is facing a temporary cash flow issue and plans to hold a bondholder meeting.