China's Powerlong Real Estate has defaulted on its debt payment

<p>China's Powerlong Real Estate has defaulted. </p><ul><li>The firm warned on Wednesday its cash on hand and bank deposits was not enough to make existing and future debt payment. </li><li>has not made an interest payment of $15.9 million under 5.95% senior notes due April 2025 (notes are listed on the Singapore Exchange)</li><li>Powerlong's interest became due and payable on October 30, and it had a 30 day grace period to make the payment</li><li>It hasn't paid and has thus defaulted</li></ul><p>Powerlong is the latest Chinese property developer to default.</p>

This article was written by Eamonn Sheridan at www.forexlive.com.