The company, in which Alibaba has an 8.3 per cent stake as its No. 5 shareholder, defaulted on a US$300 million 7.62 per cent note that matured in April 2022, and on a US$300 million 7.6 per cent bond due last month, following Beijing's crackdown to curb developers' leverage and soaring home prices, dragging the industry into a downward spiral. Alibaba also owns the Post.