Modern Land Becomes The 4th Chinese Developer To Default On Overseas Debt Obligations After Failing To Make A $250 Million Dolla

DuKai photographer/Getty Modern Land failed to make a $250 million dollar bond payment that matured on Monday. The Chinese developer, which works on green projects, cited unexpected liquidity issues arising from a number of factors. Last week, embattled rival Evergrande unexpectedly made an $83.5 million payment to offshore bondholders. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Chinese developer Modern Land became the latest company to miss a bond payment, indicating that the country's property market remains in turmoil.The Beijing-based developer, which is listed in Hong Kong, said in a statement on Tuesday that it had failed to repay a $250 million dollar bond that matured on October 25.Modern Land blamed the missed payment on an unexpected cash crunch arising from a number of factors "including the macroeconomic environment, the real estate industry environment and the COVID-19 pandemic."The company had asked bondholders earlier in October to extend Monday's deadline by three more months, but terminated the proposal last week.Modern Land, which builds energy-saving homes, said it is working with legal counsel Sidley Austin and expects to engage independent financial advisors soon to formulate a plan for onshore and offshore stakeholders.Before missing the payment, Modern Land tried divestitures, borrowing, and adding strategic investors, Bloomberg reported, citing Chinese outlet Cailian Press.