Chinese property developer Kaisa Group Holdings Ltd said on Friday it failed to secure the minimum 95% approval it needed from offshore bondholders to extend the maturity of a $400 million note due next week, raising the risk of a default.
Indebted real estate developer China Evergrande has got a demand under a $260 million guarantee obligation, the company said on Friday, adding it may be unable to repay due to a liquidity crisis that has gripped China's property sector.
Portfolio flows to emerging markets slowed by $100 billion last month from a year earlier and decelerated from October, hit by increased bets on tighter U.S. monetary policy and by weaker EM currencies, the Institute of International Finance (IIF) said.
China's property downturn is expected to continue into the first half of 2022, with home prices and sales falling as tight credit policies and a looming property tax dampen demand, a Reuters poll showed.
Three Chinese developers, including the main operation platforms of Country Garden Holdings Co and Longfor Group Holdings Ltd, plan to sell bonds in China to raise a combined 18 billion yuan ($2.83 billion), the official registration system showed late on Wednesday, evidence Beijing is marginally easing liquidity strains on the cash-strapped sector.