(Reuters) - Chinese property developer Redsun Properties said on Friday it would not be able to pay its $350 million bond maturing on January 13, which includes the principal and the accrued interest.
The bond was issued in January 2021 with a coupon rate of 7.3%. A prolonged property market slump in China over the last three years has been weighing on developers' ability to repay debt. Chinese property developers' total liabilities were roughly $12 trillion in 2023, as per a government estimate.
On Thursday, Sunac China received a liquidation petition, days after it informed some of its offshore creditors it was unlikely to meet a September maturity deadline, while larger rival Country Garden announced a debt restructuring proposal.