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Bond Market News
Chinese Developers’ September Sales Plummet 36%
October 11, 2021
The top 100 real estate developers saw overall contracted sales sink 36% YoY to $118 billion in September 2021 as per a report from the China Real Estate Information Corp. (CRIC). The report says that over 90% of the developers saw a decline in sales since the same period last year, with 60% of the developers seeing a massive drop in sales of over 30%. As bonds of developers have fallen, SCMP notes that financing has also become very tight. The report adds that the top 100 developers raised a combined RMB 85bn ($13.2bn) in September, down 37% YoY and financing costs rose 16bp YoY to 5.55%. “Looking forward to the fourth quarter, we think enterprises will maintain a proactive marketing and sales strategy and may offer deeper discounts to drive sales,” the CRIC said.
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