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MNI: Some China Developers Desperate As Debt Peak Looms

MNI (Singapore)

Selling homes quickly across China is taking some unusual turns.

True

Chinese property developers are eager to move units with some even resorting to unusual sales tactics to partially accept grain and fruit as they face a debt repayment peak in the second half of the year, but any obvious rebound may not come until the end of the third quarter, according to analysts.

Developers will see over CNY310.2 billion of maturing bonds in H2, with July alone near a quarter of that amount at CNY83 billion of maturities, data by China Real Estate Information Corp showed. Debt defaults may continue to increase should developers fail to restore cash flows by sales or bond rollovers.

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Chinese property developers are eager to move units with some even resorting to unusual sales tactics to partially accept grain and fruit as they face a debt repayment peak in the second half of the year, but any obvious rebound may not come until the end of the third quarter, according to analysts.

Developers will see over CNY310.2 billion of maturing bonds in H2, with July alone near a quarter of that amount at CNY83 billion of maturities, data by China Real Estate Information Corp showed. Debt defaults may continue to increase should developers fail to restore cash flows by sales or bond rollovers.

Keep reading...Show less