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China’s property market abuzz as authorities walk tightrope to recall illegal loans Letter circulating online requested the repayment of a loan and the interest ‘because the borrower failed to fulfil the purpose of the debt according to the loan agreement’ Outstanding household borrowing at the end of 2020 stood at 63.19 trillion yuan (US$9.7 trillion), the equivalent of 62 per cent of Chinese gross domestic product

Mingtiandi Username CFLD’s Wuhan Yangtze River Center is not quite ready for the market The impact of China’s crackdown on corporate debt came into clearer view in recent days as a former top 10 mainland developer confirmed last Friday that it was unable to repay holders of $530 million in dollar-denominated bonds that came due on 28 February. That end-of-month admission by China Fortune Land Development, which has $4.6 billion in offshore debt, was followed on Monday by Fitch Ratings cutting a key issuer rating for the mainland builder to “restricted default”. Competing credit agency...

Real estate moguls with a Greece-size debt problem look for hints of relief, even as China’s legislature tries to wean industry off its loans Fifteen of the delegates at the ‘two session’s are developers, owning property companies with 2.44 trillion yuan (US$377 billion) of debt between them All but one of the 15 developers represented are in breach of one, if not all, of the Chinese central bank’s so-called Three Red Lines capital requirements

Beijing’s new rules limiting property bank loans are likely to hit Chinese developers hard and weigh on the momentum of a major economic growth engine this year, say analysts.