The flow of offshore bond sales by property developers from mainland China has dried up as investors sweat the ramifications of debt defaults, South China Morning Post reported. With an estimated US$10 billion in offshore debt falling due for repayment this year and next, a bad January bodes ill for the ability of developers to refinance huge foreign borrowings. “Offshore refinancing will become more difficult and expensive for mainland developers this year and weaker players will suffer even more,” Christopher Yip, a director of corporate ratings at S&P in Hong Kong, said.
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