China’s weakest property developers risk defaulting on their US dollar bonds as the coronavirus chokes an already difficult market.
Defaults on dollar bonds are rare, but the outbreak has not only stifled sales but shut developers out of the market to refinance existing debt.
Developers are due to pay about £20bn in maturing US dollar bonds this year.
“The only way to survive is to have a lot of cash on hand right now,” said Cheong Yin Chin, a senior China property analyst at CreditSights in Singapore.
