Macrolink Holding Co on Friday became China’s first developer to default on its bonds due to the coronavirus outbreak as the industry struggles with stagnant property sales.
Privately owned Macrolink, which has a range of businesses including property development and tourism, failed to pay investors principle and interest on 1 billion yuan ($144 million) worth of five-year bonds due March 6, the Shanghai Clearing House said in a statement on its website.
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