Chinese property developers sold more homes than they built. Now, local governments are cracking down, WSJheard explains. WSJWhatsNow
and submit applications for the funds to be disbursed.
That also means, needless to say, some developers may not be able to use the money to repay debt even if they have the cash in theory—one factor that is probably spooking bond markets. TheCase in point: developer Yango Groupthis month to effectively delay the maturity of some bonds that are coming due soon. According to rating agency Fitch, the company said a significant portion of the cash may not be available to repay debt because it consists of restricted funds and presale regulated funds.
More troubled developers, and their investors, may still be out of luck. The government wants cash spent on completing apartments. But without much more significant easing of the overall credit situation, that may mean not enough money left for bondholders.
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