Chinese property developer Sunac became the latest company in the sector to default, as strict lockdown measures to combat the country’s Covid-19 outbreak exacerbate a liquidity crisis across the real estate sector.
The company said in a statement to the Hong Kong exchange on Thursday that it had failed to make payments on one bond ahead of a deadline this week. It said there was “no assurance” it would be able to make others worth over $70mn before grace periods expire this month.