China property developer Yango defaults on $94.6 million onshore bond - underwriter

HONG KONG : Chinese property developer Yango Group Co Ltd has defaulted on a 600 million yuan ($94.62 million) onshore bond after it failed to meet a payment due on Tuesday, the bond's underwriter said.

China Construction Bank, the underwriter, said in a statement late on Wednesday Yango did not pay the principal and interest in full on the due date.

Yango defaulted on two dollar bonds in February, triggering demand for early repayments from some investors of its onshore bonds.

The onshore bond payment in question was originally due in June.

($1 = 6.3409 Chinese yuan renminbi)

(Reporting by Clare Jim; Editing by Muralikumar Anantharaman)