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China debt crunch

Developer Sunac China admits default on $750m bond

Chairman offers 'sincere apologies' while warning it could miss more debt deadlines

HONG KONG -- Sunac China Holdings, one of the country's largest developers, acknowledged on Thursday that it had defaulted on a $750 million bond.

Sunac missed $104.73 million in interest coupon payments on four offshore bonds last month but had 30 days to make good on each. The first such deadline, on a 7.95% bond due in October 2023, passed on Wednesday.

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