Chinese developer Sinic defaults amid Evergrande contagion

HONG KONG (BLOOMBERG) – Sinic Holdings Group has become the latest Chinese real estate firm to default as investors wait to see whether China Evergrande Group will meet overdue interest payments on dollar bonds this week.

Sinic’s credit rating was lowered by S&P Global Ratings to “selective default” from “CC” after the company failed to repay the interest and principal of its US$250 million (S$336¬†million) note due on Monday (Oct 18), according to a statement dated Tuesday.

Sinic warned earlier this month that it did not expect to repay the United States dollar bond and that may trigger cross-default on its two other notes.

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