Chinese property giants hit hard with nearly USD 3 billion in forex losses
The foreign exchange losses are on paper only and the actual loss or gain depends on the exchange rates of the respective due dates.
Source: sentinelassam.com
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Chinese property giants hit hard with nearly USD 3 billion in forex losses
China's leading real estate firms have reported nearly $3 billion in foreign exchange losses for the first half of the year, mainly due to the depreciation of the yuan against the US dollar. This has further complicated their efforts to repay growing debts. The net foreign exchange losses for 24 of the top 30 Chinese developers totaled $2.75 billion. The weak yuan is seen as a result of increased liquidity and is adding to the financial burden for companies highly exposed to dollar debts.
Source: indiatimes.com