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China debt crunch

Chinese developers' distress mounts despite Beijing assurances

Sunshine 100 and Aoyuan default as investors wait on Evergrande and Kaisa

Growing troubles at developers including Sunshine 100, Kaisa and Aoyuan suggest China Evergrande is not an isolated case despite official reassurances.   © AP

HONG KONG -- Signs of distress among debt-strapped Chinese property developers rose further on Monday despite efforts by the country's top financial regulators to ease concerns.

Sunshine 100 China Holdings, a mid-sized developer based in Beijing, declared on Monday morning that it had defaulted on a $170 million dollar bond. Late in the day, S&P Global Ratings declared Guangzhou-based builder China Aoyuan Group in "selective default" after its disclosure last week that it had failed to pay $651.2 million in borrowings.

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