Distressed Chinese property developer China Fortune Land Development (CFLD) reported debt overdue of CNY 19.4bn ($2.98bn) including bank loans, trust loans and bonds. The number is almost double that of CNY 11.1bn ($1.7bn) that they reported on February 26. CFLD is coordinating with financial and legal institutions on rolling over their debt, asking for an extension on their local CNY 2.8bn ($430mn) 7.4% bond that matured yesterday, March 9. As per Bloomberg, in a filing with the exchange’s private bond information disclosure platform, CFLD said that they will communicate with relevant parties such as the trustee and creditor committee to arrange debt repayment after making specific plan.
CFLD Reports Total Overdue Debt of $3bn, Almost Double of What Was Reported in Feb
