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Missed Bond Payment in Xinjiang Stirs Chinese Debt Fears

Aug 15 , 2018

BEIJING—A missed bond payment by a quasi-military organization in the Xinjiang Uighur Autonomous Region is fueling fresh concerns about China’s ability to shoulder its massive debt.

A unit of the Xinjiang Production & Construction Corps, an organization with military heritage that runs commercial enterprises for the government, acknowledged in a statement late Monday that it failed to pay back interest and principal for $73 million of onshore bonds.

The XPCC unit, known as the Sixth Division of State-Owned Asset Management, warned in another statement that it might also have trouble paying a separate 500 million yuan bond due Sunday.

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