1 Min Read
SHANGHAI, Sept 29 (Reuters) - The Shanghai Clearinghouse has not received sufficient funds to pay interest due on Thursday on commercial debt issued by Yabang Investment Holding Group Co Ltd, the clearinghouse said in a statement on its website.
Yabang, an unlisted conglomerate with interests in chemicals and real estate among other sectors, was due to make payment on the debt maturing on Thursday. The firm had previously defaulted on a separate short term bill in February.
Chinese bond defaults, nearly unheard of until 2015, have become much more frequent over the past 18 months as the economy has slowed and firms have struggled to refinance their borrowings. (Reporting by Nathaniel Taplin; Editing by Jacqueline Wong)