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China's Hongda Xingye misses debt payment but avoids default

Cancellation of bonds stirs controversy with some market participants

Hongda Xingye's failure to make the bond payment did not completely surprise the market, as the company's chairman had been cooperating in a corruption probe of a government official.    © AP

Chinese chemical producer Hongda Xingye Group failed to repay 950 million yuan ($145 million) of bonds that were due Monday but found a way to avoid being labeled a defaulter.

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