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Cifi Holdings’ first offshore bond default sparks fears that the debt crisis gripping China’s property sector is spreading to developers previously deemed financially sound.
Longfor Group will sell an onshore bond of up to US$250 million next week, one of several private developers poised to issue similar notes guaranteed by a state-owned credit enhancement company.
Moody's said 35 out of the 82 borrowers that disclosed first-time draws on debt service reserve funds since April 2020 have averted delinquency "at least for now."
Officials are aiming by fall to finalize a bond exchange offer that would restructure general obligation bonds and resolve a legal dispute with bondholders.
Despite rating changes and volatility in the municipal bond market for 2021, Moody's annual report offers an overall picture of stability. We explore the key findings.