According to Reuters the company said it had raised $500 million in 2016 due in 2021, but that $206 million remained outstanding and fell due on Monday.
“The company did not make the payment on that day,” it said in a statement to the Hong Kong stock exchange.
The news came shortly after the distress of Evegrade, another Chinese real estate company.
The default will add to fears about the financial health of the Chinese property sector, as the liquidity crisis at China Evergrande Group – the world’s most indebted property developer – continues to unfold
