Even if the embattled property giant manages to avoid default again, many other firms are heading the same way, warns S&P
One third of China’s property developers will struggle to repay their debts in the next 12 months, according to a new report, as the sector reckons with increasingly serious headwinds from falling sales, restricted access to credit and a wider downturn.
Even if the embattled developer Evergrande manages to meet its latest debt repayment on Friday and head off a potentially disastrous default, analysts at the credit rating agency S&P warned that many other property companies could be heading towards bankruptcy.
Continue reading...source https://www.theguardian.com/world/2021/oct/28/third-of-chinese-developers-could-face-debt-problems-amid-evergrande-contagion-report
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