Four bond defaults in a single day highlight private sector’s financing difficulties

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Four Chinese private companies announced defaults on a total of 4.3 billion worth of bonds on Monday alone, highlighting difficulties faced by the private firms despite the government's efforts to provide liquidity to the sector.

Jingong Group, with businesses ranging from property and steel structure construction to aviation and wine making, defaulted on 1 billion yuan in short-term debt that matured on Monday.

The Zhejiang province-based company said it couldn’t come up with the money to repay the short-term commercial paper, citing the nationwide deleveraging campaign, one of its listed subsidiaries, Zhejiang Jinggong Science . . .

 

 

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