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.
Evergrande said to have made coupon payment ahead of Friday deadline dealstreetasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dealstreetasia.com Daily Mail and Mail on Sunday newspapers.
Unless China Evergrande Group takes quick steps for an orderly restructuring of its debt pile and steps up asset sales, its last-minute bond interest payment this week will do little to shore up creditors' support for the developer, analysts and lawyers said.