SHANGHAI, Sept 29 The Shanghai Clearinghouse has
not received sufficient funds to pay interest due on Thursday on
commercial debt issued by Yabang Investment Holding Group Co
Ltd, the clearinghouse said in a statement on its website.
Yabang, an unlisted conglomerate with interests in chemicals
and real estate among other sectors, was due to make payment on
the debt maturing on Thursday. The firm had previously defaulted
on a separate short term bill in February.
Chinese bond defaults, nearly unheard of until 2015, have
become much more frequent over the past 18 months as the economy
has slowed and firms have struggled to refinance their
(Reporting by Nathaniel Taplin; Editing by Jacqueline Wong)