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China Bond Defaults Already Double 2021 Total – SCMP

The tally for 2022 bond defaults in China has passed $20 billion, largely because of the debt crisis in the property market. Defaults totaled $9 billion last year.


Bond defaults in China have passed $20 billion this year, more than double 2021.
China state-owned property firms are expected to acquire more assets from cash-strapped private developers, as Beijing steps up efforts to stabilise and tighten control over a crisis-hit sector that accounts for a quarter of its economy. Photo: Reuters.

 

China’s bond defaults for this year are already double the $9 billion total from 2021, according to a report by the South China Morning Post, which cited Angus To, the deputy head of research at ICBC International.

The tally for 2022 bond defaults has passed $20 billion, largely because of the debt crisis in the $2.7 trillion property market, the report said. Most of the defaults were by property developers, the story added.

Read the full report: South China Morning Post.

 

 

ALSO SEE:

 

Third of China’s Top Developers Could Default in 2022: Goldman

 

China Property Market Contraction Worsened in April: Nomura

 

China Property Default Rate Far Higher Than Stated: Goldman

 

China’s Real Estate Debt Crisis Spills Over Into Steel Sector

 

 

 

 

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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