Mingtiandi Username CFLD’s Wuhan Yangtze River Center is not quite ready for the market The impact of China’s crackdown on corporate debt came into clearer view in recent days as a former top 10 mainland developer confirmed last Friday that it was unable to repay holders of $530 million in dollar-denominated bonds that came due on 28 February. That end-of-month admission by China Fortune Land Development, which has $4.6 billion in offshore debt, was followed on Monday by Fitch Ratings cutting a key issuer rating for the mainland builder to “restricted default”. Competing credit agency Moody’s Investors Service followed on Tuesday by downgrading CFLD’s corporate family rating from Caa1 to Caa3.