Major China Developer Sunac Defaults as Debt Crisis Spreads
- Firm failed to pay dollar bond coupon before grace period end
- Development fuels concern that crisis spreading to safer firms
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Sunac China Holdings Ltd. has defaulted on a dollar bond, becoming one of the biggest Chinese property companies to renege on its obligations amid a record-breaking wave of missed payments.
China’s fourth-largest developer said in a filing to the Hong Kong stock exchange that it didn’t pay a $29.5 million coupon on the note before the end of a grace period Wednesday, and that it doesn’t expect to make payments on other securities.