Sinic Holdings has added to a growing list of defaults across China’s contracting real estate sector as markets are braced for a deadline this weekend for developer Evergrande to settle interest payments on its offshore bonds.
Hong Kong-listed Sinic defaulted on $246m of bonds that were due to mature on Monday, based on Bloomberg data, adding to a $206m default from luxury developer Fantasia Holdings this month.
Borrowing costs on Asia’s bond market for riskier corporate issuers soared in the weeks after Evergrande, the world’s most indebted property developer, missed the bond payments in late September and ignited fears globally over a slowdown in China’s real estate sector.
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