{"id":23679,"date":"2021-06-08T10:57:36","date_gmt":"2021-06-08T03:57:36","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=23679"},"modified":"2021-06-08T10:57:36","modified_gmt":"2021-06-08T03:57:36","slug":"chinese-real-estate-bonds-a-hot-commodity-albeit-defaults","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/chinese-real-estate-bonds-a-hot-commodity-albeit-defaults\/","title":{"rendered":"Chinese real estate bonds a hot commodity, albeit defaults"},"content":{"rendered":"

Latest data reveals that\u00a0<\/span>developers have sold bonds worth USD20.3 billion<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
The government has\u00a0enforced\u00a0limitations\u00a0on developer leverage and bank lending, in hopes to slow down the market. ZhuDifeng\/Shutterstock<\/figcaption><\/figure>\n

Real estate\u00a0developers\u00a0in China,\u00a0with their accumulated debts in tow,\u00a0prove to be undeterred by the industry\u2019s\u00a0worrying situation,\u00a0having\u00a0found\u00a0investors\u00a0for their bonds\u00a0worth billions, reported the\u00a0<\/span>Wall Street Journal.<\/span><\/a>\u00a0<\/span><\/p>\n

The property bonds were sold for USD20.3 billion since the start of\u00a0the year,\u00a0a 16 percent growth compared to the same period in 2020 and more than the figures earned in 2017 and 2018.\u00a0Even so, the amount falls\u00a0short of that in 2019 when the bonds were sold for USD34.2 billion.<\/span>\u00a0<\/span><\/p>\n

Major developers have defaulted on debts, but\u00a0since last year,\u00a0the local government has\u00a0come up\u00a0with an\u00a0array of\u00a0schemes to\u00a0modulate the sector\u2019s growth.\u00a0Housing prices have expanded rapidly in the past two years, putting both developers and buyers in\u00a0distressing\u00a0amounts of debt.<\/span>\u00a0<\/span><\/p>\n

More: China\u2019s housing sector makes an incredible comeback post-lockdown, but what does the future hold?<\/strong><\/span><\/a><\/p>\n

Early in the year, the government has\u00a0enforced\u00a0limitations\u00a0on developer leverage and bank lending, in hopes to slow down the market.\u00a0Experts\u00a0have witnessed the descent of home prices over the course of\u00a02020, but prices have started to surge again in the recent months.\u00a0In turn, large corporations have expressed their\u00a0concern\u00a0over further government intervention.<\/span>\u00a0<\/span><\/p>\n

Despite the worries, Luther Chai, the senior credit analyst for\u00a0CreditSights,\u00a0said that\u00a0old debts are being replaced by most of the new debts being issued, which means that the developers\u00a0should see a development in their creditworthiness this year.<\/span>\u00a0<\/span><\/p>\n

\u201cEven though most developers may still record a growth in total debt, we expect the pace of year-on-year debt growth to slow,\u201d concluded Chai.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Latest data reveals that developers have sold bonds worth USD20.3 billion <\/p>\n","protected":false},"author":9,"featured_media":23680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[327,137,638],"class_list":["post-23679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-bonds","tag-china","tag-real-estate","news_country-china","news_author-property-report"],"acf":[],"yoast_head":"\nChinese real estate bonds a hot commodity, albeit defaults | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/chinese-real-estate-bonds-a-hot-commodity-albeit-defaults\/\" \/>\n<meta property=\"og:locale\" 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