Fresh drama at property developers including China Evergrande Group is jeopardizing President Xi Jinping’s latest efforts to end the housing crisis. Just as China enters a key holiday sales season, a raft of headlines are weighing on already-frail confidence in the property market. Evergrande said it has to revisit its debt restructuring plan and a
Any setback in the process will negatively affect the still very fragile market sentiment of almost all players in the sector and defeat the policy purpose, said Zhi Wei Feng.
(Bloomberg) China’s housing crisis has engulfed the country’s private developers, producing record waves of defaults and leaving a shrinking group of survivors.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsMercedes Bets on Range Boost in Swipe at Tesla’s EV LeadDiamond Prices Are in Free Fall in One Key Corner of the MarketStocks Cede China-Led Gains in Thin Holiday Trade: Markets WrapOut of the nation’s top 50 private-sector developers by dollar bond
Out of the nation’s top 50 private-sector developers by dollar bond issuance, 34 have already suffered delinquencies on offshore debt, according to Bloomberg-compiled data as of Sept. 1.