How deep is this going to go?
Although a much smaller developer it seems like every few days we are hearing of new defaults and growing pressure on a key area of China's economy.
Bloomberg:
"
Sinic Holdings Group Co. became the latest Chinese real estate firm to default as investors wait to see whether China Evergrande Group Inc. will meet overdue interest payments on dollar bonds this week.
Sinic’s credit rating was lowered by S&P Global Ratings to Selective Default from CC after the company failed to repay the interest and principal of its $250 million note due Monday, according to a statement dated Tuesday."
" The strain on real estate companies add to a string of broader risks for China’s economy, which depends on the real estate market for about 30% of gross domestic product. Home prices fell in September for the first time in six years, while real estate investment slid for the first time since last year. "
https://finance.yahoo.com/news/chinese-developer-sinic-defaults-amid-022709836.html
Submitted October 20, 2021 at 09:49AM by Che74 https://ift.tt/3lZH8Cu
