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S&P Global downgrades developer Greenland to selective default

HONG KONG -Ratings agency S&P Global on Wednesday downgraded Greenland Holdings to selective default, after the Chinese state-backed property developer extended the maturity of its $500-million.

Clare jimSherry jacob phillipsWu zhengkuiChina evergrande groupShanghai based greenlandSunac chinaWednesday greenland

Chinese property developer Greenland seeks to extend $488m bond payment

The company’s sales in April dropped 57% from a year earlier.

Wu zhengkuiGreenland holdingsEvergrande groupState backed chineseSunac china

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