China’s home market fell at a fast pace at the start of 2022. Even though the government lifted some restrictive policies late last year, the housing market has, so far, not been pulled out of its slump. The value of homes sold in the first two months of 2022 fell 22 percent from last year,…
China’s Home Market Slump Deepens as Declines in Prices and Sales Widen
Chinese Junk Bond Yields Surge to Decade-High as Property Developers Continue to Miss Payments
International investors sold their junk bond holdings of Chinese property developers in the past week, driving borrowing costs to a decade high, and further restricting the capacity of cash-strapped developers to access critical funding. The average yield on an ICE Data Services index of Chinese high-yield dollar bonds, which property companies dominate, surged close to…
As China Evergrande’s Debt Crisis Deepens, Unpaid Small Business Owners Speak of Despair
September 16, 2021
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SHENZHEN, China—Wu Lei says his small construction company in central China has accepted commercial paper from property developer Evergrande as payment for two years but with that paper’s value now in doubt, his firm is on the verge of collapse. China Evergrande Group, saddled with more than $300 billion in total liabilities equivalent to 2…
China Evergrande’s Snowballing Debt Crisis
HONG KONG—China’s most indebted property developer Evergrande Group is struggling to solve its debt crisis, while there are increasing signs that policymakers are stepping in to avoid a hard landing for a company deemed too big to fail. Here is a timeline of events leading to its debt problems and what the firm has done…
Two More Suppliers Say Payments Are Overdue From Indebted Evergrande
HONG KONG—Advertising firm Leo Group said it is applying to a Chinese court to freeze $356 million yuan ($55.06 million) in assets of Evergrande Group for overdue payments, the latest supplier to sue the indebted property developer. Leo’s lawsuit disclosed in a securities filing late on Monday comes after Huaibei Mining Holdings said last week…
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