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Fear of China trust loans defaults rattling property developers

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Hard hat area: Property developers account for 19 of the 22 junk-rated corporate bonds in China. - FILE PHOTO

[SHANGHAI] The spectre of default in China's trust loans market is deepening the distress of property developers that also borrowed in dollars.Some 18 companies owing US$15.2 billion, from behemoth China Vanke to junk-rated Glorious Property Holdings, have "material exposure" in excess of 10 per