Woes Deepen for China Tech Champion Facing March Debt Payments

A top Chinese technology company that’s struggled for months to assure creditors of its financial stability has seen its efforts to secure a fresh loan disrupted by the coronavirus crisis, Bloomberg News reported. With payments on a dollar loan coming due next month, Tsinghua Unigroup Co. has been engaged with lenders on a $900 million financing deal. That loan has been delayed partly due to the coronavirus outbreak and the Lunar New Year holiday, a company spokesman said Tuesday. Even so, the financing market has been open for others. Developers have been selling dollar bonds in recent days despite property sales having come to a halt due to the shutdown of large parts of China’s economy due to the epidemic. Read more