Chinese housing regulators are telling home buyers to exercise caution when making payments on purchases, amid concerns that funds are illegally siphoned away by developers in a sector that is facing a severe liquidity crunch.
Some of China Evergrande Group's offshore bondholders have not received interest payment by a Monday deadline Asia time, two people familiar with the matter said, adding to the company's failure to meet dollar debt obligations since last month.
Debt-saddled Chinese property firms took heavy fire in bond markets on Tuesday, after the poster child of the sector's woes, Evergrande Group, missed its third round of bond payments in as many weeks and others warned of defaults.
Hong Kong shares rose to end at a nearly four-week closing high as Alibaba and Meituan rallied, with investors rushing to buy on bets that crackdowns against tech giants are nearing an end.
German real estate investor Adler Group said on Monday it had agreed to sell residential and commercial property worth 1.49 billion euros ($1.73 billion) to rival LEG Immobilien in a bid to reduce its debt.