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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.