Chinese Builder Defaults on Bonds Despite State Help for Sector
- Times China didn’t pay coupons on two of its dollar notes
- China has rolled out property measures amid liquidity crunch
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A Chinese developer has defaulted on two dollar bonds and is halting payments on offshore notes, the latest delinquencies despite a plethora of recent government steps to ease the sector’s liquidity crunch.
Times China Holdings Ltd. didn’t pay coupons on two dollar notes before grace periods ended within the past week, it said in a Wednesday night filing with Hong Kong’s stock exchange. An event of default occurs if the company fails to pay interest within 30 days of the due date, according to a circular for one of Times China’s dollar bonds.