Shanshui Cement Group heads for default

China is headed for its latest corporate default amid slowing economic growth, as a cement maker said it will fail to pay bond investors and will file for liquidation.

Cement maker China Shanshui Cement Group Ltd "will be unable to obtain sufficient financing on or before" the Thursday maturity date on its 2 billion yuan ($314 million) of a 5.3 percent securities, it said in a statement on Wednesday.

The company, which is incorporated in the Cayman Islands, has decided to file a winding up petition and application for appointment of provisional liquidators with the courts there, it said. That "will also constitute an event of default" on its $500 million 7.5 percent dollar bonds due 2020, according to the filing.