China’s nascent market for domestic junk bonds has had its first default, a report in the state-run media said on Tuesday, just weeks after the country experienced its first default in the domestic corporate bond market.
In a fresh sign that China’s slowing economic growth is causing real pain for the country’s companies and investors, Xuzhou Zhongsen Tonghao New Board Company, a manufacturer of construction materials, has been unable to meet the interest payments on 180 million renminbi, or $29 million, worth of bonds it sold last year, according to a report Tuesday in The 21st Century Business Herald, a financial newspaper based in Guangzhou.
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Neil Gough, New York Times via CHINA US Focus http://ift.tt/1pRhGrO
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