China is heading for its first ever corporate bond default, potentially puncturing the optimism that has galvanised a booming $12tn Chinese corporate debt market.
Shanghai Chaori Solar Energy Science & Technology, a Chinese maker of solar cells, announced late yesterday that it would not be able to pay the Rmb89.8m ($14.6m) annual interest on a Rmb1bn bond that it issued two years ago.
The company has until the bond’s anniversary, on March 7, to pay the interest to investors. But it said in a statement: “Due to various uncontrollable factors, until now the company has only raised Rmb4m.”
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