Shares and bonds of Chinese property developers stumbled on Tuesday as worries over spreading financial contagion worsened following a debt exchange from one of the country's top 20 homebuilders that triggered a flurry of credit warnings.
Chinese developers' shares and bonds stumbled on Tuesday on worries over spreading financial contagion, as sources said one of the country's top 20 homebuilders is seeking a new extension for its onshore debts.
Chinese homebuilder Yango Group offered on Monday to exchange some U.S. dollar bonds for new notes personally guaranteed by its chairman as it struggles to free up cash and avoid defaulting on upcoming debt payments.