According to China Construction Bank, Chinese developer Yango Group did not pay the principal and interest on the due date, in a statement issued late Wednesday.

Reuters reported that Yango Group has defaulted on a 600 million yuan (94.62 million dollars) onshore bond after failing to make a payment due on Tuesday.

The missed payments came after Yango Group missed an interest payment last month.

A Shenzhen stock market filing showed Yango Group didn’t pay a 30-day grace period on interest payments totaling 27.3 million dollars due on Jan. 15.

Fujian Yango, its parent, also failed to make a dollar-bond interest payment by the end of a grace period last December.

According to Bloomberg-compiled statistics, the developer has $846 million in dollar-bond interest and maturities due at the end of the year.

The Yango Group unit, Yango Justice International Ltd, successfully got approval from bondholders last November to extend the maturities of its three notes by exchanging the two-dollar bonds with the missed coupons.

According to China Real Estate Information, Corp Yango’s sales for 2021 were the 19th highest in the country. The developer was based in Shanghai, operating in over 100 Chinese cities.

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