Shares and dollar bonds of Chinese real estate firms slid again on Thursday as investors fretted about a debt crisis rippling through developers including China Evergrande Group , a day after the sector was hit with rating downgrades.
slipped 0.54%. Property shares have fallen nearly 20% this year, compared to a 5.7% fall for the CSI300."News on marginal easing will likely cause a short-term rebound, which, however, may not be very sustainable due to the likely ongoing concerns on the offshore bond market," they said.
"A more sustainable rally may happen in January 2022 when banks have more front-loaded quota to extend credit to developers/mortgages."listed among both the biggest gainers and biggest losers on the day by the Shanghai Stock Exchange. "Property bonds are lightning rods," said a director at a local brokerage. Apart from the risk of debt contagion from Evergrande, higher mortgage rates - part of official efforts to rein in surging housing prices - are hitting the industry, he said. "Fundamentally, the high turnover of real estate companies is gone."
In international debt markets, data provider Duration Finance showed Greenland Group Holdings' 6.75% June 2022 bond was trading down more than 3 points at 60.175 cents, and Xinyuan Real Estate's 14.5% September 2023 bond slumped nearly 8 points to 63.9 cents.
, which tend to have the most solid finances, near its widest in more than two months on Wednesday evening U.S. time.that tracks firms such as Evergrande pulled back on Wednesday, but remained close to all-time highs.Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
China has ability to address Evergrande situation, still risks remain -IMFChina has the ability to address the issues linked to China Evergrande Group's indebtedness, although there is a risk of the property developer's pain escalating to cause broader financial stress, the IMF said in a report and comments released Tuesday.
Leer más »
Breakdown in China-India talks are a ‘grim portent’ for the region“If one were to focus on India-China ties in the context of Sunday’s failed talks, it is clear that the two countries have been drawn away from each other by global power politics.” Opinion | K S Dakshina Murthy
Leer más »
Here are the best-selling electric cars in China so far this yearTesla took two of the top three spots for best-selling electric car models in the first three quarters of the year, the China Passenger Car Association said.
Leer más »
U.S. officially the top destination for bitcoin miners, beating out China for the first timeThe U.S. is now the number one destination for bitcoin miners, eclipsing China for the first time ever.
Leer más »
EXCLUSIVE China readies plan to elevate status of antitrust unit - sourcesChina is considering boosting the status of its antitrust bureau within the market regulatory agency as it steps up a campaign against anti-competitive behaviour, two people familiar with the matter said.
Leer más »
U.S. becomes largest bitcoin mining centre after China crackdownThe United States has overtaken China to account for the largest share of the world's bitcoin mining, data published on Wednesday by Britain's Cambridge Centre for Alternative Finance showed.
Leer más »