Distressed Chinese property developer
China Fortune Land Development (CFLD) reported that its overdue debt has increased by CNY 6.8bn ($1bn), citing adverse macroeconomic, industry and credit conditions, according to a notice on the Shanghai Clearing House. This brings their total overdue debt to CNY 63.6bn ($10bn), over 3 times higher than that
reported earlier in March this year. The company is currently coordinating with financial institutions involved for an extension on its overdue debt repayment and is developing a comprehensive risk mitigation plan under the guidance and support of the local government.