Another Chinese Property Developer Defaults On Interest Payment As Debt Crisis Deepens
Another Chinese Property Developer Misses Interest Payment As Debt Crisis Deepens
The property market crisis in China is growing, as another property developer failed to make a payment on a bond. Modern Land followed Evergrande and Fantasia by missing a bond payment indicating that China’s property crisis is deepening.
On Tuesday, China’s National Development and Reform Commission and the State Administration for Foreign Exchange met with foreign debt issuers, telling them to use funds for approved purposes and “jointly maintain their own reputations and the overall order of the market.”
Earlier this month, Fantasia Holdings Group defaulted on a maturing dollar bond that heightened concerns in international debt markets,
Evergrande averted a costly default last week but is under more than $300 million in liabilities and has a major payment deadline on Friday.
Shares of property developers extended losses, also hit by concern over China’s plans to introduce a real estate tax.
There are reports coming out of China that its property market is in a steep decline as buyers are reluctant to put money down on off-plan new build projects due for completion in 5 years – and who can blame them?
Many of the high rise blocks are shabbily built buildings thrown up quickly and the cracks are beginning to show.
Property is effectively leased from the government and high-rise apartment blocks will most likely be demolished and rebuilt in 30-50 years.
Property makes up 25% of China’s GDP, so a market collapse will have a serious effect on the overall economy.
You might be wondering “what all this has to do with me” in the UK, US or Australia.
China’s economy matters to the rest of the world. We are already seeing a supply shortage of goods, which will not be helped by China’s own energy issues. A property crash in China will mean less demand for commodities and building materials and ultimately reduce spending on the luxury goods market.
Chinese developers also have hundreds overseas projects in other Asian countries, Australia, America and the UK. Liquidly problems back in China could affect some already overblown international markets.
Property buyers from China invest billions in London, Sydney, New York, Toronto and Manila where prices have reach record levels.
With inflation rising and interest rate due to be increased, there has never been a more important time to stay informed and never stop learning, especially if you want to invest in property.
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