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Hopes Dim for Investors as Fertilizer-Maker’s Bond Defaults - Caixin Global
source link: http://www.caixinglobal.com/2017-10-03/101153165.html
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Hopes Dim for Investors as Fertilizer-Maker’s Bond Defaults
Guo Zhanchun, founder of fertilizer-maker Inner Mongolia Nailun Group Inc., has left some 1,200 retail investors in Nailun’s bonds with dim hopes of recovering their investment. The seven-year 800 million yuan ($120 million) note issued in 2011 was the first exchange-traded bond to default on China’s bond market. Photo: Xinhua
By Han Yi and Leng Cheng
It has been more than a year since an Inner Mongolian fertilizer-maker defaulted on an 800 million yuan ($120 million) bond.
For an investor surnamed Zhou, as well as some 1,200 others, the volley between regulators and banks in the wake of the default has dimmed their hopes for recovering their losses.
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