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.
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