HONG KONG : Chinese real estate developers are delaying their debt restructuring moves until after the upcoming Communist Party Congress, hoping the crucial gathering offers clues on how Beijing plans to stabilise the embattled sector.What emerges at the meeting could help determine how the developers, wh
HONG KONG : Chinese real estate developers are delaying their debt restructuring moves until after the upcoming Communist Party Congress, hoping the crucial gathering offers clues on how Beijing plans to stabilise the embattled sector.
The developer, which is in the process of restructuring after missing payments on some of its offshore debt, said in such a scenario bondholders would have more confidence in long-term repayments and the company could minimise disposal of core assets. Graphic: China's real estate debt https://graphics.reuters.com/CHINA-CONGRESS/PROPERTY%20CHINA-CONGRESS/gkplgrybevb/China's%20real%20estate%20debt.PNG
Evergrande, with its $300 billion total debt and a default on its offshore debt last year, has cast an unwelcome light on Chinese developers' $5 trillion debt, rattling global markets and sparking rare protests.An executive at another property company, which had previously planned to negotiate restructuring terms with offshore bondholders in the run-up to the party congress, said authorities told the developer to hold off on discussions to prevent any shock to the real estate market.
China has already rolled out a plethora of measures to bolster housing demand and affordability, but home prices and sales have continued to contract. New home prices fell for the third straight month in September, a private survey showed. Betty Wang, senior China economist at ANZ, said with Xi's principle of"houses are for living, not for speculation", she did not expect any material changes to property regulations.
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Analysis-Chinese property developers on tenterhooks ahead of Communist Party CongressHONG KONG : Chinese real estate developers are delaying their debt restructuring moves until after the upcoming Communist Party Congress, hoping the crucial gathering offers clues on how Beijing plans to stabilise the embattled sector.What emerges at the meeting could help determine how the developers, wh
Read more »