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Chinese conglomerate Peking University Founder Group defaults on 2 billion yuan bonds for first time

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Peking University Founder Group was unable to secure sufficient funding to repay a 270-day, 2 billion yuan ($285 million) bond, according to a company filing to the National Interbank Funding Center on Monday.

The missed payment on the bond, which has a 15 business-day grace period, is set to escalates concerns about the weak finances of debt-laden business arms of Chinese universities.

The company and Tsinghua Unigroup Co., a . . .

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