A wall of onshore debt worth tens of billions of dollars issued by Chinese property developers is due to mature next year, sparking concerns over defaults at a time of economic slowdown and tightening liquidity.
China’s property market is a bedrock for growth and economists fear that signs of distress in developer debt would send ripples through the financial system just as other problems are mounting.
China’s economy is already under pressure, as a trade war with the US threatens to hurt manufacturing across a wide range of industries. Rising levels of debt and ambitious banking reforms have also led to concerns over instability in China’s financial sector.
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