China Builder Long Considered Resilient Is Downgraded by S&P
- Downgrade follows firm extending dollar bond repayment by year
- State-backed company rocked market in May with proposed delay
Photographer: SeongJoon Cho/Bloomberg
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A Chinese state-linked developer long considered among the nation’s most resilient has been cut to selective default by S&P Global Ratings, as fallout from a property debt crisis spreads.
Greenland Holding Group Co. was downgraded from CC, after recently extending repayment by a year on a $488 million bond that had been due June 25. While the builder said last week that it had received sufficient support from noteholders for the extension, investors have remained concerned about its longer-term health amid a broader industry downturn.