Chinese Developer Modern Land Asks to Delay Bond Repayment

Chinese property developer Modern Land (China) Co. asked investors for permission to defer repaying a $250 million bond due later this month, in the latest sign of the financial stress that has gripped China Evergrande Group and many of its rivals.

Modern Land also said its chairman and president would together provide the equivalent of $124 million in loans, helping to shore up the group’s finances.