A Chinese developer has defaulted on two dollar bonds, halting payments on offshore notes

Via Bloomberg (gated):

• A Chinese developer has defaulted on two dollar bonds and is halting payments on offshore notes, the latest delinquencies despite a plethora of recent government steps to ease the sector’s liquidity Liquidity Liquidity refers to the extent of a financial instrument’s ability to be bought or sold without causing price fluctuations. Thus, if an asset is extremely liquid, it means one can trade that asset in the knowledge that one’s specific dealing won’t create significant movements in the market.This is because there exists such a large number of traders going both long and short, generating huge volume for that particular asset. Liquidity in the FX MarketTake the example of the foreign exchange marke Liquidity refers to the extent of a financial instrument’s ability to be bought or sold without causing price fluctuations. Thus, if an asset is extremely liquid, it means one can trade that asset in the knowledge that one’s specific dealing won’t create significant movements in the market.This is because there exists such a large number of traders going both long and short, generating huge volume for that particular asset. Liquidity in the FX MarketTake the example of the foreign exchange marke Read this Term crunch.
• Times China Holdings Ltd. didn’t pay coupons on two dollar notes before grace periods ended within the past week, it said in a Wednesday night filing with Hong Kong’s stock exchange Stock Exchange A stock exchange, or securities exchange is defined as a facility where stockbrokers and traders can buy and sell securities.This includes shares of company stocks, bonds, exchange-traded funds (ETFs), or other financial instruments. Stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events. This commonly includes the payment of income and dividendsStock exchanges have developed into a permanent fixture in the financial market A stock exchange, or securities exchange is defined as a facility where stockbrokers and traders can buy and sell securities.This includes shares of company stocks, bonds, exchange-traded funds (ETFs), or other financial instruments. Stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events. This commonly includes the payment of income and dividendsStock exchanges have developed into a permanent fixture in the financial market Read this Term. An event of default occurs if the company fails to pay interest within 30 days of the due date, according to a circular for one of Times China’s dollar bonds.

This comes despite a huge ramp-up of support for sector. Recent announcements of support have emphasised further measures will be directed at 'quality' firms. Perhaps those not meeting such a definition are being let fail.