Chinese developer Greenland's default risk rises

Shanghai

CHINA'S third largest developer is sustaining its pace of deal making even as bond investors start to price in a higher risk of default.

The yield spread on Greenland Holdings Corp's US$600 million 5.875 per cent 2024 notes over US Treasuries has widened 47 basis points this year to 404. There is a 6.89 per cent probability that it will miss debt payments in the next 12 months, according to the Bloomberg Default Risk model that tracks metrics including share performance, debt and cash flow.