(Yicai Global) Dec. 6 -- Shares of Sunshine 100 Holdings plunged after the Chinese homebuilder defaulted for a second time this year.

After tanking as much as 87 percent today to an all-time low of 5 Hong Kong cents (less than 1 US cent), Sunshine 100 [HKG: 2608] closed at 34 HK cents, a 14 percent decline.

The Beijing-based developer said in a filing today that it cannot repay the principal and interest on a 10.5 percent senior note, totaling USD179 million, that was due yesterday due to adverse economic conditions and real estate sector woes.

The company’s revenue fell 5.6 percent to CNY3.4 billion (USD510.9 million) in the first half from a year ago, with a net loss of CNY278 million (USD41.8 million). It had a profit of CNY260 million in the same period of last year.

Sunshine 100 is in talks with the bondholder to delay repayment or make other arrangements, it added.

Since the beginning of this year, a number of well-known Chinese homebuilders, including China Evergrande Group, have defaulted due to tighter financing conditions in the property sector. Sunshine 100 failed to pay a USD52.4 million convertible bond due in August.

Evergrande fell to its lowest closing price in almost five years today after saying there was “no guarantee” it would have enough funds to repay debt. The firm’s shares [HKG: 3333] sank almost 20 percent to end at HKD1.81 (23 US cents), the lowest since February 2017.

Sunshine 100, founded by entrepreneur Xiaodi Yi in 1999, has been listed on the Hong Kong Stock Exchange since 2014.

Editor: Peter Thomas