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Defaults by Chinese issuers have exceeded US$20 billion so far this year, compared with about US$9 billion for all of last year, with property developers accounting for most of the defaults.
AFP, BEIJING Chinese developer Shimao Group Holdings Ltd (世茂集團) said it has failed to make payment on a US$1 billion bond that matured on Sunday, one of the biggest such defaults so far this year in the country’s troubled property sector. China’s real-estate sector has been struggling since authorities began a crackdown on excessive debt and rampant consumer speculation in 2020, with giants such as China Evergrande Group (恆大集團) and Sunac China Holdings Ltd (融創中國) scrambling to make payments and renegotiate with creditors. The crisis has sparked fears that the indust...
HONG KONG/SHANGHAI—China Evergrande Group on Thursday secured a crucial approval from onshore bondholders to delay payments on one ...