In other China real estate news, Zhenro announced that it has defaulted on another payment – $29.8mn of principal due on a note on August 3. The company added that it may not be able to pay a $13.3mn coupon on another note before its 30-day grace period ends on August 3, as per Bloomberg. Meanwhile, state-backed developer Sino-Ocean saw a massive crash in its dollar bonds on Thursday – its 6% 2024s lost ~13 points to currently trade at 26.5 cents on the dollar. This comes days after the developer lost its investment grade rating by Moody’s. Other higher-rated developers such as Country Garden and China Vanke also saw a fall in their bonds.

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