“Central China Real Estate Ltd. said it didn’t pay interest on a note before the end of a grace period on Friday and that it would suspend payments on all offshore debt. Smaller peer Leading Holdings Group Ltd. disclosed in its own exchange filing Friday night that it hadn’t paid the entire $119.4 million of principal plus interest due on a dollar bond issued a year ago as part of a debt swap.
Both firms also said they will engage with external advisers and work on holistic solutions for their offshore debt. Central China is the country’s 33rd-largest builder by contracted sales, according to China Real Estate Information Corp., while Leading Holdings isn’t in the top 100.
The delinquencies followed several Chinese builders last week remitting funds for interest payments at the end of 30-day grace periods or shortly afterward. The property sector’s unprecedented cash crunch resulted in record defaults on Chinese issuers’ dollar bonds last year and still-elevated missed payments so far in 2023.”
https://hk.finance.yahoo.com/news/two-more-china-builders-t-030134143.html