Following China Evergrande Group’s admission that it is teetering near bankruptcy, more Chinese property developers are expected to default in the next six to 12 months, according to SP Global Ratings.
Evergrande is currently known to be the world’s most indebted property developer, owing approximately US$300 billion of debt, including US$20 billion of offshore bonds.
“We expect defaults for Chinese developers to increase over the next six to 12 months” said SP Global Ratings' report on November 18. The report noted the firm’s recent downgrade of seven Chinese developers to the 'CCC' level or below, adding, “we believe there is a...
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