China’s struggling real-estate firms had another miserable month in November as a slump in home sales deepened.
The country’s builders are facing $12 billion in trust payments coming due in December, posing a major challenge for an industry whose liquidity squeeze has spooked global markets. Private-sector developers are selling the fewest bonds domestically in nearly five years, adding to the risk of additional defaults.
China high-yield dollar bonds saw declines accelerate Wednesday afternoon, falling as much as 3 cents on the dollar, according to credit traders. A gauge of real-estate stocks gained 0.1%, while China Evergrande Group declined 1.8%.
h/t laflammaster
Views:
0