China developers see more credit rating cuts

[HONG KONG] Chinese property developers are suffering credit rating downgrades at the fastest pace in five years, as a recent slump in new-home sales adds to concerns about the sector's debt woes.

Moody's Investors Service, Fitch Ratings and S&P Global Ratings have cut Chinese builders' ratings a combined 91 times through Sept 30, triple the number of this year's upgrades. That's already a record full-year count of downgrades.

China Evergrande Group remains in the spotlight, with some holders of dollar bonds with interest payments due on Monday saying they had yet to receive them.

The latest payment uncertainties came after the embattled firm missed initial coupon deadlines for two other offshore bonds last month.

In a fresh sign of official concerns about the property sector's health, the China Real Estate Association is reportedly planning a symposium with developers on Friday to learn about the risks the companies are facing.

BLOOMBERG