Chinese developer CIFI struggles after raising funds with government help


HONG KONG—Even a government bond guarantee was not enough to prevent a crisis of confidence at one of China’s property developers, which this week struggled to convince investors it can service its debt .

Earlier this month, CIFI Holdings (Group) Co. one of the country’s top 20 promoters by contract sales, issued $167 million worth of new yuan-denominated bonds that were insured against default by a government-backed entity. He was one of a select group of six property companies to participate in a pilot program designed to help private sector developers raise funds and give investors confidence that they would get their money back.


Wj

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