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China Developer With $567 Million Debt Said to Collapse - Bloomberg
China Developer With $567 Million Debt Said to Collapse - Bloomberg
Zhejiang Xingrun Real Estate Co. doesn’t have enough cash to repay
creditors that include more than 15 banks, with China Construction Bank
Corp. (939) holding more than 1 billion yuan of its debt, according to
the officials, who asked not to be named because they weren’t authorized
to discuss the matter. The company’s majority shareholder and his son,
its legal representative, have been detained and face charges of illegal
fundraising, the officials said.
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