Property NPLs jumped 8.4% in November. Guangzhou R&F Properties says it does not have funds to buy back a $725m bond as sales of assets have not come through as planned

Under the baseline scenario, the non-performing assets of all lenders may rise by 1.2 percentage points to 8.1% by September 2022

Chinese banks could see their ratio of non-performing property loans more than double by the end of the year, S&P Global Ratings said

The bonds will be used to help buy and dispose of non-performing assets, plus other businesses such as bond-to-equity swaps, China's banking regulator said