Modern Land reported a missed payment on Tuesday, the latest Chinese property developer to do so, adding to worries about spiralling effects of the debt crisis at behemoth China Evergrande Group and dragging on shares in the sector.
Modern Land Co Ltd said in a filing that it had not repaid principal and interest on its 12.85% senior notes that matured on Monday due to "unexpected liquidity issues".on a maturing dollar bond in early October that heightened concerns in international debt markets, already roiled by worries over whether Evergrande would meet its obligations.
Developers are defaulting "one by one", said an investor with exposure to Chinese high-yield debt, who asked not to be named as he was not authorised to speak with media.Shares of Chinese property shares extended losses, hurt also by concerns over plans to
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