Communist China's property developer backed by the country’s largest insurance group has defaulted on a US $530m bond in the latest test for the country’s debt-laden real estate sector and the international investors backing it.
China Fortune Land is 25 per cent owned by Ping An, China’s biggest insurance company, and has dollar-denominated debt totalling $4.6bn. In early February, it said it had missed payments of more than $820m. on onshore loans.
In the same time panicking, trying to relocate capital, investors are inflating prices on the real estate market in Australia, New Zealand and some parts of Europe.
China Fortune Land is 25 per cent owned by Ping An, China’s biggest insurance company, and has dollar-denominated debt totalling $4.6bn. In early February, it said it had missed payments of more than $820m. on onshore loans.
In the same time panicking, trying to relocate capital, investors are inflating prices on the real estate market in Australia, New Zealand and some parts of Europe.