Sales in China’s struggling property sector continue to slow, compounding developers’ heavy financial burdens as the availability of financing dwindles amid regulators’ ongoing attempts to deleverage the indebted industry, reports Caixin. Last month, property sales of the country’s top 100 developers dropped 32.2% year-on-year by value, following a 36.2% slump the previous month. Traditionally, September […]
Category: Property
Some of the heavily-indebted China Evergrande Group’s bondholders received a late interest payment just before the expiry of a grace period, giving the debt-stricken developer more time as it seeks to raise funds through asset sales, reports Bloomberg. Several holders of the 9.5% dollar note maturing in 2024 received notification they had been paid on Thursday, people with […]
Probably the most significant event of the past week, for the longer term, was China’s test of a hypersonic missile that apparently has the ability to defeat any existing US defense system. The missile itself is of little interest in that, like the nuclear weapons of the Cold War era, they are unusable. To launch one guarantees a […]
Chinese developer Modern Land is the most recent company from the troubled property sector to miss a payment on a dollar bond, reports the Financial Times. Modern Land’s difficulties are a sign of ongoing turmoil in the country’s struggling property sector despite China Evergrande, the most indebted developer, narrowly avoiding a default last week. Modern Land said […]
China has announced trials of a controversial property tax in cities, a decision that pitches Chinese leader Xi Jinping against vested interests spanning an economy driven for years by real estate development, reports the Financial Times. China’s state council will expand pilot schemes to tax residential and commercial property in cities, according to an announcement […]