Market Chatter: Chinese Developers Brace For $26 Billion Maturing Debts in June, July

MT Newswires · 06/17/2022 09:54

09:53 PM EDT, 06/16/2022 (MT Newswires) -- About 200 Chinese property developers are facing roughly 175.5 billion yuan ($26 billion) in combined maturing debts in June and July, Sina Finance reported Thursday, citing data from real estate research institute China Real Estate Information Corp. (CREIC).

The figure accounts for about 61% of total debt maturities in the second half of 2022, the report said.

Overseas bonds account for about 56% of developers' maturing bonds in the second half, according to the report.

To date, at least nine listed real estate companies have already issued announcements of defaults and their inability to repay the principal or interest on their bonds on time, Sina Finance said.

Country Garden Holdings (HKG:2007), one of China's largest developers, on Wednesday offered to redeem its outstanding 4.75% offshore bonds totaling $683.4 million.

The company is among a few developers that are still able to meet their debt obligations amid the liquidity crisis affecting the local property sector.

Other companies that were able to recently repurchase their bonds include CIFI Holdings (HKG:0884), Central China Real Estate (HKG:0832), Zhongliang Holdings Group (HKG:2772), Ronshine China Holdings (HKG:3301), Zhenro Properties Group (HKG:6158), Agile Group Holdings (HKG:3383), Shinsun Holdings (HKG:2599), Jiayuan International Group (HKG:2768), Shimao Group (HKG:0813) and Times China (HKG:1233), the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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