Zhenro Defaults; Shanghai Mortgage Payments: Evergrande Update
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Embattled Zhenro Properties Group Ltd. defaulted for the first time, giving investors in the Chinese property sector a reality check after stocks and bonds rallied in recent weeks.
The developer said it was unable to pay interest on two dollar bonds before a grace period ended Saturday and warned it might not be able to meet three other coupons because of its liquidity woes.