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Home / South China Morning Post / Parent of BMW’s Chinese partner defaults on a bond, as declining car sales pile on to the debt woes of China’s corporate borrowers

Parent of BMW’s Chinese partner defaults on a bond, as declining car sales pile on to the debt woes of China’s corporate borrowers

Summary:
[unable to retrieve full-text content]Huachen Automotive Group Holding, the state-owned parent of BMW‘s main Chinese joint-venture partner, has defaulted on a bond payment, heightening fears about the debt-ridden carmaker’s fate.The company was not able to repay a 1 billion yuan (US9.1 million) corporate bond paying 5.3 per cent in annual coupon, which it sold via a private placement three years ago. The group is “working hard to raise money and discussing with investors to iron out the issue,” according to a Shanghai Stock…

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[unable to retrieve full-text content]
Huachen Automotive Group Holding, the state-owned parent of BMW‘s main Chinese joint-venture partner, has defaulted on a bond payment, heightening fears about the debt-ridden carmaker’s fate.The company was not able to repay a 1 billion yuan (US$149.1 million) corporate bond paying 5.3 per cent in annual coupon, which it sold via a private placement three years ago. The group is “working hard to raise money and discussing with investors to iron out the issue,” according to a Shanghai Stock…

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