More than 90 developers saw a decline in sales from a year ago, real estate group says
Major Chinese developers saw their sales plunge last month as China Evergrande Group sank deeper into crisis, putting more pressure on the government to limit the fallout.
“In the medium to long term, reducing leverage is still the focus of real estate enterprises,” Lin said. Yuan-denominated bonds of property developers fell on Friday, with notes of Xiamen Yuzhou Grand Future Real Estate Development and Yango Group on pace for record lows. Offshore, China’s junk-rated bonds are poised for their worst week since March 2020 with yields hitting 16.9% on Thursday, according to a Bloomberg index. That debt fell as much as 2c on the dollar on Friday morning, according to credit traders. Risk aversion among credit investors and Chinese banks has hurt builders’ financing.
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