Qinghai Provincial Investment Group failed to pay an $11 million interest payment on a offshore $300 million bond on Friday, the first time a state-owned Chinese company has done so for 20 years.Despite attempts to loosen lending conditions in recent months, China's slowing economy is negatively impacting default rates — now worryingly extending to state-owned companies.
That was until Friday, when, for the first time in two decades, a China-owned company failed to make a payment on its debt burden. QIPG then missed a separate principal and interest payment on a 20 million yuan onshore renminbi bond that matured on Monday, according to Caixin. Qinghai Provincial is the largest aluminum producer in Qinghai and majority-owned by the provincial government, according to S&P.
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