Shenzhen-based Baoneng Investment Group missed repayments on yet another debt to finance its unrealized automaking dream, underscoring the deepening capital crunch of the once-highflying private conglomerate, Nikkei Asia reported. Baoneng Motors Group, the auto unit of Baoneng, failed to pay interest on a 2.8 billion yuan ($434 million) trust loan to finance a new-energy vehicle (NEV) industrial park project in Guangzhou, state-backed China Railway Trust disclosed. Baoneng and its controlling shareholder, Yao Zhenhua, offered guarantees for the product. The loan was issued in May 2020 with a maturity period of 15 months. It raised funds to develop Baoneng's NEV project, which started in 2017 but has made little progress. Baoneng, a private property and financial services company, is the latest Chinese conglomerate to face a massive debt crisis. The company is best known for its failed 2015 hostile takeover attempt of major property developer China Vanke. Baoneng's capital crunch was revealed around the beginning of the year. With 200 billion yuan of debt, Baoneng faces employees demanding unpaid wages, suppliers clamoring for overdue payments, and creditors seeking loan payments. Read more.