China’s weakest property developers risk defaulting on their US dollar bonds, as home sales suffer and access to cash dries up due to the coronavirus outbreak.
Defaults on dollar bonds by Chinese issuers are rare and missed payments by developers have been almost non-existent in recent years, even as overall corporate defaults in the country hit a record high in 2019.
But the rapid spread of coronavirus that originated in central China has raised the chance of property defaults this year — an event that would send shockwaves through the market — as several midsized groups cash flows’ are squeezed while being shut out of the market to refinance existing debts.
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