Embattled developer Evergrande’s failure to meet its debt payments has set off a chain reaction in the property sector in China. Multiple Chinese property developers in different parts of China are experiencing defaults in construction and wage payments as well as overseas and domestic bonds and debts. In China, it is common practice in the…
Chinese Property Developers Encounter Intensifying Clashes Over Domestic Construction and Wage Arrears
Chinese Property Developers Sell Shares As Default Woes Deepen
November 20, 2021
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Chinese property developers are stepping up efforts to raise cash through share placements and stake sales, as they look for ways to alleviate the historical liquidity squeeze. Surging yields in the offshore bond market have made it difficult for Chinese developers to refinance, and declining home sales have added to the gloom. Debt default woes at cash-strapped developers…
S&P Says It Believes China Evergrande Default Still ‘Highly Likely’
November 18, 2021
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HONG KONG—S&P Global Ratings said on Thursday a default is still “highly likely” for China Evergrande Group despite its recent bond coupon payments because it has a bigger test in March and April next year, facing a total of $3.5 billion maturities in dollar bonds. “The firm has lost the capacity to sell new homes,…
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…
Teetering Giant Evergrande Paid Some Overdue Interest, Some Say Received Nothing
November 11, 2021
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The world’s most indebted real estate developer made some overdue interest payments just before the Nov. 10 deadline, sources confirmed, while some say they received nothing. Cash-strapped Evergrande has rushed serval last-minute transfers since October, teetering on the brink of default. The Chinese property developer was supposed to make further overdue interest payments of $148…
China Developers Hit by Downgrades as Evergrande Deadline Looms
HONG KONG—Chinese developers took a drubbing on Thursday, with shares and bonds falling, creditors seizing assets, and rating agencies distributing more downgrades, ahead of a final debt payment deadline for China Evergrande Group on Friday. Shares of Kaisa Group were hardest-hit, losing nearly a fifth of their value on Thursday after rating agency downgrades that…
Festering Evergrande Contagion Worries Push China Spreads to Record
SHANGHAI—Worries over possible spiralling effects of a debt crisis at developer China Evergrande Group drove Chinese high-yield spreads to record highs on Wednesday, days after the company missed another dollar bond deadline. The company, which has more than $300 billion in liabilities, on Monday missed its third round of interest payments on its dollar bonds…
China’s Bond Markets Slump Again as New Evergrande Deadline Passes
SHANGHAI/LONDON—Chinese property firms’ bonds were hit with another wrecking ball on Monday as Evergrande looked set to miss its third round of bond payments in as many weeks and rivals Modern Land and Sinic became the latest scrambling to delay deadlines. High-yield Chinese bond markets were being routed once again as fears about fast-spreading contagion…
China’s Property Sector Default Woes Deepen Amid Evergrande Disquiet
October 6, 2021
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HONG KONG/LONDON—Growing worries about defaults at Chinese property developers triggered a rout in their shares and bonds on Tuesday with fresh credit rating downgrades and uncertainty about the fate of cash-strapped China Evergrande Group sapping investor sentiment. Once China’s top-selling developer, Evergrande is facing one of the country’s largest-ever debt restructurings as it wrestles with…
Chinese Authorities Don’t Care About Real Estate Defaults: Homebuyers
Chinese homebuyers have been badly hit by defaults in residential property developments. Numerous families are suffering with unbearable financial loss due to unfinished housing units they purchased. An array of these half-completed residential villas sits right in front of the local district office of Tianjin, the largest coastal metropolis in northern China. On Sept. 15, homebuyers…
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