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Chinese luxury villa developer Tahoe Group failed to repay investors of a domestic bond, in a sign of increasing financial strain on the mainland’s aggressive home builders as the coronavirus pandemic exacerbated a liquidity crunch.
The Shenzhen-listed company was unable to make payment for bond principal and interest worth 1.6 billion yuan ($228 million) due on Monday “despite efforts to raise funds in many ways”, Tahoe Group said in a stock exchange filing on Tuesday. The bond, with a face value of 1.5 billion yuan, was sold in July . . .
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