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Bond Market News

China Property Crisis Sees 34 of Top 50 Developers Default

China’s property market crisis has seen 34 of its top 50 private-sector developers defaulting on its offshore debt, as per Bloomberg. The remaining 16 including the likes of COGARD have $1.48bn in onshore and offshore bond payments in September, the highest monthly dues until January 2024, when $3bn in payments are due. COGARD has $22.5mn in coupons due on two of its dollar bonds at the end of the grace period on September 5 or 6. Through the remainder of 2023, Seazen and Agile Group have $104mn and $222mn in onshore and offshore bond payments due. Sino-Ocean, another stressed developer that has some government support has a $155mn bond payment due this month.

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