Chinese Developer Greenland Says It’s Likely to Default on Bond
- Builder say it won’t be able to repay dollar note due Nov. 13
- Defaults in China’s property sector have jumped to record
A construction site for a condominium complex developed by Greenland Holding Group Co. in 2014.
Photographer: SeongJoon Cho/Bloomberg
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Chinese developer Greenland Holding Group Co. said Monday that it will likely default on a dollar bond, adding to mounting distress in an industry beset by a debt crisis that’s dragged notes to record lows.
The Shanghai-based developer, which is partially owned by local government entities and had long been considered among the nation’s most resilient, said in a filing that the issuer and guarantor wouldn’t be able to repay the $362 million outstanding on the note, which matures Nov. 13.