Thursday 3 December 2020
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scmp - 1 month ago

Debt at China’s state-owned firms in question after BMW partner fails to repay billion-yuan bond

A bond default by a big state-owned automaker, which is also the parent company of BMW’s joint venture partner in China, serves as a fresh warning about debt risks in the country despite strong headline economic growth numbers, according to analysts.Brilliance Auto, also known as the Huachen Automotive Group, rattled China’s debt market last week by failing to repay 1 billion yuan (US$148.8 million) to its bondholders when the bond matured.What made the news particularly shocking was the fact…


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