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International bond holders have received less than 1 % of almost 150 billion USD bonds, which since 2021, despite years of negotiations and almost a dozen restructuring agreements.
According to the analysis of restructuring data from bondsuwire, which corresponds to 0.6 % on the default recorded, only $ 917 million in cash to offshore bonds was transferred in cash.
Only three developers – China Fortune Land Development, China South City and Risenun Real Estate Development – made any payments in cash coupons within 11 restructuring agreements for $ 39 billion in debt as a land ownership Businesses are trying to generate income.
Data emphasizes problems to international investors in raising money from any of their shares of Chinese developers who have strongly borrowed on overseas markets during the boom that disintegrated after Default Evergrande in 2021.
It also challenges the viability of a number of agreements on restructuring concluded in Hong Kong and illustrates the depth of the slowing of Chinese property, despite Government Efforts to Restore TrustIncluding interest rates and completion of unfinished projects.
The restructuring advisor in Hong Kong, who did not want to be named, said he was not aware of any cash move from the mainland developer outside the country because of their continuing difficulties.
“Everyone just threw themselves into the towel,” said Dluhwire analyst Dominic soon. “The main problem is really a debt on the mainland. Without the solution there is almost no money that could come out.”
Offshore bonds are covered with land debts that represent a much more serious challenge for politicians because they seek to stabilize the economically critical sector. According to 2023, since 2023 since 2023, the National Statistical Office.
Soon he proposed a debt that would be lagging behind the restructuring development on the mainland for several years.
A handful of Chinese developers listed in Hong Kong, including Evergrande, are facing a petition for liquidation in the city. But almost all their operations are on the mainland Chinamanaged by a separate legal regulation and there is little evidence of liquidation proceedings affecting their operations at home.
Instead, this process mainly focused on obtaining the value of coastal assets owned by companies, as well as the restructuring of shops that rely on mainland cash flows, which eventually recover in a few years.
Offshore debts received increased focus of investors because of more transparent starting procedures governing international bonds. Evergrande, the most indebted developer globally, with about $ 340 billion, according to their last publication, borrowed only $ 20 billion at sea.
According to debt analysis, about $ 917 million paid for about $ 200 million in agreement with fees paid to investors to secure trades, while $ 30 million was paid Ad hoc to creditors' groups. The data company assumes that the required cash payments have been made, unless public information indicates otherwise.
At the end of 2023, Chinese developer Sunac introduced restructuring at sea that strengthened the hopes of recovery for bond holders. But this week he said that Start the process again After warning, they would try to make payments at sea.
Sunac, who faces a liquidation petition in Hong Kong, did not answer the comment.
Data on the statistics of the National Office published last week showed that the total investment in real estate fell by 10 percent in the first two months of 2025 compared to the same period last year, while the new house prices in the 70 largest cities in February reduced the month.
Other Wang Xueqiao messages in Shanghai and Hauohsiang Ko Data Visualization
