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
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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.
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