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Company News

Chenglong Construction Group defaults on bond payments

SHANGHAI, Nov 13 (Reuters) - Chinese highway, street and bridge construction company Chenglong Construction Group Co Ltd said on Friday that it had defaulted on interest and principal payments on a company bond due on Nov. 13.

The company said in a statement that it had been due to pay combined interest and principal payments of 206.4 million yuan ($31.17 million) after bondholders exercised their right to sell the bonds back early, but was unable to due to “operational difficulties”. ($1 = 6.6223 Chinese yuan) (Reporting by Andrew Galbraith; Editing by Christian Schmollinger)

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