Chinese Developer Greenland Says It’s Likely to Default on Bond

Chinese developer Greenland Holding Group Co. said Monday that it will likely default on a dollar bond, adding to mounting distress in an industry beset by a debt crisis that’s dragged notes to record lows.

The Shanghai-based developer, which is partially owned by local government entities and had long been considered among the nation’s most resilient, said in a filing that the issuer and guarantor wouldn’t be able to repay the $362 million outstanding on the note, which matures Nov. 13.

“Faced with the sudden and serious impact of the Covid-19 situation in Shanghai earlier this year ...