Biggest earners may not be the smartest workers–study

better-quality developers.”

For Central China, its parent sold a 29 percent equity stake in the midsized builder last summer to a government-owned entity in its home province of Henan. Stock and bond prices briefly soared after the deal was unveiled on hopes the move would provide state support to the firm. In recent months, the company also signed agreements with big state-controlled banks for billions of yuan in tentative credit lines.

Still, Central China waited until the end of a 30-day grace period in December to make a $7.8 million interest payment.

Some of the sector’s most high-profile defaulters, including China Evergrande Group, made bond payments during grace periods before eventually stopping remittances. Times China Holdings Ltd. joined that list in January after having previously cured multiple interest payments beyond initial due dates. Bloomberg News