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China debt crunch

China's Tsinghua Unigroup bond crisis deepens with second default

Repayment failure brings fallout for $2.5bn of offshore debt

HONG KONG -- Chinese chipmaker Tsinghua Unigroup is to default on $2.5 billion of offshore bonds after failing to meet a Thursday deadline to repay a $450 million Eurobond, while also missing an interest payment on one of its onshore bonds.

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