China Builder Sinic Faces Demand for $75 Million Payment (1)

Sinic Holdings Group Co. has received a demand to repay some debt after missing two local interest payments.

A creditor of the Chinese developer is demanding repayment of $75.4 million in outstanding principal and accrued interest, after the firm failed to repay 38.7 million yuan ($6 million) of interest on two onshore financing arrangements on Sept. 18, according to a Hong Kong stock exchange filing dated Sept. 30.

Sinic said it may face a technical default on other financing, including other offshore public and private debt, because of the overdue payment and the unnamed creditor’s enforcement action. The builder has ...