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China debt crunch

Chinese developer Modern Land fails to repay $250m bond

Company latest in China to miss payments as Evergrande crisis spreads

Modern Land China has failed to pay interest and principal on a $250 million bond, the developer revealed. (Screenshot from Modern Land's website) 

HONG KONG -- Modern Land China has become the latest developer from Asia's largest economy to miss a dollar bond payment, underscoring the stress spreading across the sector.

The company failed to pay interest and principal due on a $250 million bond, according to a filing on Tuesday with the Singapore stock exchange, where the bond is listed. The company said it is working with its legal counsel Sidley Austin and expects to engage financial advisors soon to help it through the crisis.

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