Vietnam Property Debt Crisis Deepens as Major Developer Delays Bond Payment
- Exchange says 54 firms were late with bond payments in January
- Property sector trouble risks wider crisis for economy
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Vietnam’s property debt crisis is intensifying as the country’s second-largest developer joined the ranks of peers seeking debt extensions after failing to repay a bond on time.
No Va Land Investment Group said earlier this week it will delay repayment of a 1 trillion dong ($42 million) note originally due on Feb. 12 and asked holders for an extension or to convert the principal into its real estate products. The developer said it’s seeking to work out a way within two months for it to pay off the debt.