Tough year looms as China's real estate developers face record wall of debt
Regulators have choked off a key source of funding; curbs are likely to hit smaller builders harder
Beijing
FOR China's highly leveraged real estate developers, 2017 could be the year that the borrowing binge finally catches up with them.
Regulators have choked off a key source of funding, with the Shanghai Stock Exchange raising the threshold for property firms to sell bonds on their platform in October. Since then, builders haven't sold any notes in a market that played host to about 40 per cent of their onshore debentures over the past two years, data compiled by Bloomberg show. The curbs couldn't have come at a worse time, with a record US$17.3 billion of developer bonds due next year, and another US$27.9 billion in 2018.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Airbnb promises to combat sex work in rentals during Paris Olympics
Hong Kong property deals hit three-year high in April
More homes planned in Media Circle to support housing demand
Qatari Sheikh sells London mansion to fellow royal for £39 million
Toronto home sales fall for third month in April; prices rise
Far East Shopping Centre owners in private talks after close of S$928 million en bloc tender