Leading commercial property developer Powerlong Real Estate has not repaid the principal and interest on US$21 million (144 million yuan) notes, and does not expect to pay another bill of approximately US$37 million, due on November 8.
In H1 this year, Powerlong Real Estate achieved contracted sales of 23.2 billion yuan, down 56.2 percent. The total contracted sales area was 1.5 million square meters, down 54.7 percent.
