China takes steps to support some developers, boost demand in economy
Policymakers have been trying to stabilize the sector that accounts for a quarter of the national GDP after a string of defaults among developers and a slump in home sales.
Policymakers have been trying to stabilize the sector that accounts for a quarter of the national GDP after a string of defaults among developers and a slump in home sales.
Bonds of Chinese developers were also sold off, as confidence in the sector, already wrecked by the Evergrande Group crisis, continues to wane.
Zhongliang Holdings said creditors holding $629 million worth of 2022 bonds agreed to exchange them for new notes due next year as the sector struggles with a liquidity squeeze that has seen some larger players default, the latest being Sunac China.
The authorities informed Country Garden, Longfor Group and Midea Real Estate about the plan late last week, the sources said. They declined to be named because they were not authorised to speak to media.