Some Chinese property developers have voiced their intention to the regulators to extend their offshore bond maturities or undertake a debt restructuring, two sources with knowledge of the matter said, as a growing number of defaults hits the sector.
Bottled water, vaccine development, short video platform TikTok and electric vehicle technology propelled the big earners on China's rich list this year, as embattled property moguls and others facing regulatory scrutiny slipped down the rankings.
Modern Land has missed a bond payment, the latest Chinese property developer to do so, adding to worries about wider effects of the debt crisis at behemoth China Evergrande Group and dragging on shares in the sector.
Shares in China Evergrande Group and its EV unit rose on Monday as the embattled property developer moved to prioritise growth of its nascent electric vehicles business over its troubled core real estate operations.
The spillover effect of Chinese real estate companies' debt default risks to the financial industry is generally controllable, state media said on Monday, as concerns continue to loom over China Evergrande Group.