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Two stalled China Evergrande Group projects in Kunming, the capital of China’s southwestern Yunnan province, are on track for completion after a takeover by Kunming Green Star Construction Development.
At least four developers are rushing to raise funds in what is likely to be the first wave of stock placements, after Chinese regulators lifted a six-year ban on equity financing to rescue the industry.
The company, one of China’s top home sellers, redeemed a 1.5 billion yuan (US$207 million) bond due this month, according to a late Wednesday filing with the Hong Kong exchange.
Investors are turning bearish on the Chinese economy, amid expectations that the zero-Covid policy might persist well into next year. Yet the big three credit rating firms still see reasons for optimism in the middle to long term.
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.