China’s Bohai Economic Rim Faces $2.1 Billion Default of State-Owned Company

This general view shows the skyline of the central business district in Beijing on Aug. 13, 2019. Wang Zhao/AFP via Getty Images

News Analysis

China Fortune Global 500 member Tewoo Group is set to default on Dec. 16 if creditors refuse to accept up to 64 percent “haircuts” on its debt. Tewoo will be the first state-owned enterprise (SEO) to default in the U.S. dollar bond market in two decades.