More Chinese developers to be downgraded: S&P

Hong Kong

STANDARD & Poor's said on Thursday that it expects more Chinese property developers to have their credit ratings downgraded this year, and sees a growing chance they will default on their debt as the sector faces weaker sales and limited financing options.

A slowdown in China's real estate market and a late bond coupon payment by developer Kaisa Group has already rattled Asian corporate debt markets this year, but S&P is warning there is probably more pain to come for real estate firms.