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Messenger Messenger WhatsApp Telegram A Chinese property developer backed by the country’s largest insurance group has defaulted on a $530m bond in the latest test for the country’s debt-laden real estate sector and the international investors backing it. The failure of China Fortune Land Development to repay the bond, investors in which include BlackRock and HSBC, comes against a backdrop of mounting pressure from Beijing on China’s biggest developers to reduce their debts. It follows a spate of corporate defaults late last year that sent shockwaves through the country’s $15tn onshore bond market. In a statement to the Singapore stock...
