Chinese property giants hit hard with nearly USD 3 billion in forex losses

China's leading real estate firms have reported nearly $3 billion in foreign exchange losses for the first half of the year, mainly due to the depreciation of the yuan against the US dollar. This has further complicated their efforts to repay growing debts. The net foreign exchange losses for 24 of the top 30 Chinese developers totaled $2.75 billion. The weak yuan is seen as a result of increased liquidity and is adding to the financial burden for companies highly exposed to dollar debts.

Related Keywords

Guangdong ,Jilin ,China ,Tianjin ,Shenzhen ,Hong Kong ,Chinese ,Natixis Alicia Garcia Herrero ,Asia Pacific ,China Evergrande Group ,While Yango Group ,Sunac China Holdings ,People Bank ,Country Garden Holdings ,Holdings Group ,Yango Group ,Hong Kong Listed ,Evergrande Group ,Garden Holdings ,China Holdings ,Shenzhen Exchange ,Peoples Bank Of China ,Nikkei Asia ,Cifi Holdings Group ,