Lower sales and tighter financing are forcing major Chinese real estate firms to seek further debt extensions, Yicai Global reported Wednesday.
Country Garden (HKG:2007) and Sunac China (HKG:1918) have asked for further deadline extensions after agreeing to delay bond payments due this year, the report said.
Another real estate company, Guangzhou R&F Properties (HKG:2777), is seeking a delay of its interest payment of $4.5 billion of bonds to March 2025 from September 2024, the report said, citing an industry source.
Property companies will bear a significant financial burden should restructuring terms be implemented strictly, the report said, citing an insider.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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