The defaults that plagued Chinese developers in recent years are largely over with bonds in some companies surging by 53 per cent in the fourth quarter.
New-home sales rose for a second month in March, signalling a recovery could be taking hold after Chinese regulators rolled out a series of measures starting late last year to pull the property sector out of itsThe returns on some Chinese developers are surging, even companies that had defaulted in the crash of the past two years.
“Our view is that most of the defaults are done,” he said. “There may be a few more defaults or distressed exchanges, but systemically most of the pain is behind us.”In addition to rising home sales, there has also been progress on the debt-restructuring front. Major builders China Evergrande and Sunac China Holdings have recently reached agreements with ad-hoc groups of offshore bondholders on recovery proposals.
However, many difficulties remain. At least 15 property firms failed to release 2022 results by the end of March, resulting in stock-trading suspensions in Hong Kong.
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