Chinese property developers have rushed back to the market for US dollar debt in the first two months of the year, more than doubling issuance to a record $19bn while stoking unease over rising leverage.
Among the issuers are some of China’s most heavily indebted groups, such as Evergrande, Vanke Real Estate and Country Garden. As of last year, Evergrande alone had accrued nearly $100bn in debt.
China’s property sector is a pillar of the country’s economy, which is set to slow this year to rates not seen in 30 years. As growth wanes, developers are raising more money than they need to roll over existing borrowings, amplifying concerns for the stability of the market.
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