Chinese chemicals maker Tongyi defaults on bonds: paper

[SHANGHAI] China's Tongyi Industrial Group, which makes chemical products, has defaulted on 450 million yuan (S$89.6 million) of bonds, the China Securities Journal said, citing a statement by underwriter Western Securities.

As of Oct 19, Tongyi, which is unlisted, failed to make timely payments of principal and interest on the privately-issued bonds, the newspaper said.

Reuters could not immediately reach officials of Tongyi to seek comment.

REUTERS