December 3, 2019 / 11:32 AM / 6 days ago

Peking Founder in talks for strategic investment after default - sources

HONG KONG/BEIJING/SHANGHAI, Dec 3 (Reuters) - China’s Peking University Founder Group is looking for strategic investment from a large state-owned enterprise after defaulting on an onshore bond, three sources told Reuters on Tuesday.

State-owned company Peking Founder told investors on a conference call on Tuesday it had yet to obtain the 2 billion yuan ($284 million) to repay the overdue note, although it had a grace period of 15 days to do that, the sources said.

The company had said it would seek to deal fairly with all its debt, whether onshore or offshore, and would seek to make any repayments on time, the sources said.

Peking Founder did not immediately respond to a Reuters request for comment.

$1 = 7.0389 Chinese yuan renminbi Reporting by Noah Sin in Hong Kong, Cheng Leng in Beijing and Steven Bian in Shanghai; Editing by Edmund Blair

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