Chinese developer Modern Land became the latest company to miss a bond payment, indicating that the country’s property market remains in turmoil.
The Beijing-based developer, which is listed in Hong Kong, said in a statement on Tuesday that it had failed to repay a $250 million dollar bond that matured on October 25.
Modern Land blamed the missed payment on an unexpected cash crunch arising from a number of factors “including the macroeconomic environment, the real estate industry environment and the COVID-19 pandemic.”
