China’s third-largest property developer Sunac unable to make $104 million coupon payment, more developers could default amid persistent cash crunch

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Cash-strapped Sunac China Holdings, the country's third-largest property developer by sales, on Thursday admitted that it's unable to make coupon payment totaling $104 million due on four US dollar-denominated bonds, adding to a wave of defaults in China's debt-laden real estate sector.

Sunac failed to make $29.5 million coupon payments on a $750 million dollar bond before a month-long grace period ends, it said in a . . .