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Bond Market News
Many of Chinese Developers Near End of Debt Restructuring
October 15, 2025
Most of China’s largest defaulted property developers are nearing the end of their restructuring processes, as creditors increasingly accept steep losses amid a prolonged real estate crisis that has triggered about $130bn in defaults. Eight of the ten most indebted developers, including Sunac China Holdings, have largely completed offshore restructurings. Despite policy support for housing, sales remain weak and several builders, such as Evergrande and China South City, have been ordered into liquidation. Creditors, once combative in negotiations, are now resigned to deeper haircuts, with minimal recovery expectations. Restructuring timelines are shortening – for instance Sunac’s latest deal wrapped up in two months versus over a year previously, as creditors prioritize quick resolutions over prolonged talks. Above table shows the major Chinese Property Developers and their current restructuring stage, as reported by Bloomberg.
Bonds of these developers continue to trade at deeply distressed levels of 3-15 cents on the dollar.
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