HONG KONG (Reuters) - Chinese developers Sunac and Country Garden brought some relief to the crisis-hit property sector by forging debt deals with ...
HONG KONG - Chinese developers Sunac and Country Garden brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded byHONG KONG - Chinese developers Sunac and Country Garden brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales.
The developments come as Beijing steps up efforts to revive the property sector, which accounts for roughly a quarter of the world's second-largest economy, with a raft of support measures unveiled over the last few weeks. "I will treat it as a positive ... We haven't seen much progress on the offshore market, so this shows at least some Chinese developers are trying to reach an agreement," said Gary Ng, senior economist at Natixis Corporate and Investment Bank.
While Sunac is among a string of Chinese developers that have defaulted on their offshore debt obligations since an unprecedented liquidity crisis hit the property sector in 2021, Country Garden has not missed any offshore payments yet.Major developers in the process of restructuring their debt include China Evergrande Group, whose liquidity crunch was a turning point in the country's real estate crisis.
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