China's Powerlong Real Estate has defaulted.
- The firm warned on Wednesday its cash on hand and bank deposits was not enough to make existing and future debt payment.
- has not made an interest payment of $15.9 million under 5.95% senior notes due April 2025 (notes are listed on the Singapore Exchange)
- Powerlong's interest became due and payable on October 30, and it had a 30 day grace period to make the payment
- It hasn't paid and has thus defaulted
Powerlong is the latest Chinese property developer to default.
