A Chinese developer of real estate projects that use green technologies has become the latest builder to default, adding to the record for offshore bonds from the nation’s borrowers.
Modern Land asked investors to push back the maturity date of a £183million bond from 25 October to 25 January in part to avoid any potential payment default.
SHANGHAI: China property bonds slumped on Monday after a developer asked to delay a paper's maturity, underlining default fears stalking markets as offshore bondholders of China Evergrande Group awaited news of $148 million in looming debt coupons.
Modern Land asked investors to push back the maturity date of a £183million bond from 25 October to 25 January in part to avoid any potential payment default.