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Guangzhou R&F is seeking to offload a UK asset in the latest attempt to trim its debt burden. It is turning to Hong Kong tycoon Cheung Chung Kiu to survive the crisis.
Verdict in Hong Kong comes as Beijing is grappling with an underperforming economy
About to join the list of Chinese developers that have defaulted, Country Garden said this week that it might not meet its offshore debt obligations
The debt crisis is deepening, as interim results from the country’s biggest developers showed most of them struggling to generate enough cash to service their loans amid a slowing economy.
At least a fifth of rated Chinese property developers will end up becoming insolvent, putting as much as US$88 billion of their distressed bonds at risk, according to S&P Global Ratings.