Developers’ bond refinancing risk

Source:Global Times Published: 2017/9/7 21:33:39

The bond maturity wall steepens in 2018, but most Chinese developers rated by Moody's Investors Service have the capacity to manage risks, according to a report by the credit rating agency on Thursday.

It said that 39 of the 52 rated Chinese property developers have an aggregate $39.2 billion of bond maturities and put options in 2018.

All but four developers will be able to repay these obligations and still have adequate liquidity given their cash holdings and continuing cash generation from property sales, even in a hypothetical stress scenario in which they are unable to refinance the bonds, it said.


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