Property News · February 25, 2022

Evergrande crisis: distressed exchanges, default waivers build as Chinese developers wonder, where’s the policy stimulus?


The number of Chinese developers seeking debt forbearance from offshore creditors is expanding as Zhenro Properties and Jingrui Properties highlighted an ongoing credit crunch amid the worst industry slowdown in a decade.The two developers this week sought to delay repayments on dollar-denominated bonds worth US$1.2 billion maturing this year, citing a liquidity squeeze. They are also asking bondholders to waive some default clauses on US$3.5 billion of notes, weakening their covenants.The…

Source : South China Morning Post
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