“We view bond exchanges and maturity extensions as efforts that provide short-term relief on credit stresses by pushing bond maturities to a later date, but are not sufficient to resolve the credit issues.” Ranked No. HONG KONG, Aug 17 (Reuters) - The debt crisis at Country Garden (2007.HK), China's largest property developer before this year and. Short of cash, one of China’s biggest asset managers has missed payments to investors. August 17, 202310:33 AM PDTUpdated 24 days ago.

7 on two dollar bond coupons worth 22.5 million. Sinic’s local subsidiaries have already failed to make. Country Garden, China’s largest non-state-owned developer by sales, has less than 30 days to make coupon payments it missed Aug. “Unlike in previous years, more issuers have conducted bond exchanges than have defaulted so far this year,” Kenneth Ho said in a note to clients, raising his default rate forecast to 31.6% from 19% previously. A model Chinese real estate developer in a sector replete with risk takers is teetering on the edge of default. The ratings agency said that the Chinese developer is likely to default on its 246 million offshore dollar-denominated bond due Oct. As many as a third of China’s high-yield property developers could default in 2022 as stresses on bond maturities increase, Goldman Sachs warned in a note on Friday.Īll 22 of China’s high-yield issuers either defaulted on dollar bonds or undertook bond exchanges this year to defer repayment of debts because of the property sector crisis, the bank said.

China property developer default