China Evergrande reached a deal with bondholders to delay redemption and coupon payments for a 4.5 billion yuan ($707.52 million) bond

Credit rating agency S&P Global ruled after the firm won approval from lenders to delay a $725m senior unsecured note payment due on Thursday

Shimao and Yuzhou are scrambling to negotiate new terms with creditors to avoid default, while Evergrande secured a crucial payment delay

US investment bank Goldman Sachs estimates high-yields firms have $3.6 billion worth of bonds maturing by the end of the month

Local governments in China have been under heavy economic stress, after Beijing’s move to rein in real estate debt. Some suspect LGFVs could collapse given their huge debts ($8 trillion in 2020)

Four of the firms are linked to Shimao, which is discussing payment arrangements with creditors, while Kaisa Group Holdings and Greenland Group are also on list

Ronnie Chan, chairman of Hang Lung Group, said it is important to have capital from outside the city and constantly keep it flowing in

Shimao Group said it is in talks with potential buyers such as China Vanke and may consider disposing of some properties to reduce debt

More unwelcome surprises this month have meant no let up in the property crisis that wiped over a trillion dollars off the sector last year

The warning was issued after its shares closed below $1 for 30 consecutive business days through to January 3, Fangdd said

Coastal properties at the highest risk of climate change impacts could start to fall in value as soon as 18 months

Cash-strapped property firm China Evergrande Group has left what has been its headquarters in the city of Shenzhen and relocated to nearby Guangzhou, Chinese media say