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China debt crunch

Debt doubts surround Chinese fashion group Shandong Ruyi

Deal to buy Bally officially dead as company faces bond repayment deadline Monday

A Bally store in Switzerland. Shandong Ruyi Technology Group said it was buying the brand in 2018, but Bally owner JAB Holding has confirmed the deal did not go through.   © Reuters

HONG KONG -- Shandong Ruyi Technology Group assembled its fashion empire by gobbling up notable apparel brands such as Aquascutum, Sandro and Renown.

But the company once hailed as the "LVMH of China" has faced pressure paying its bills in recent years. The latest deadline comes Monday as a 1 billion yuan ($152.73 million) domestic bond matures, and the signs do not look promising.

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