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Glorious seen as most likely to default next

Series of overdue payments reflects the very weak cash flow and liquidity profile of the China property firm, say analysts

FIRST AMONG EQUALS: Glorious differs from Kaisa in that Kaisa's stumble 'stemmed from the sales restrictions by the Shenzhen government whereas Glorious's trouble was due to weak execution and lowered repayment capabilities', says Chris Yip, director of corporate ratings at Standard & Poor's.

AFTER Kaisa Group Holdings Ltd defaulted on its dollar bonds earlier this week, the market got to wondering, who could be next? They didn't have to look very far.

Attention has rapidly shifted to Glorious Property Holdings Ltd, whose controlling shareholder is billionaire Zhang Zhirong.