From Breakingviews - Beijing’s property bandage fails to staunch blood
were recently allowed to issue low-cost state-guaranteed bonds. The idea was to provide support to better behaved outfits as overall financing dries up. Funds raised by Chinese developers in the year to August have slumped 25% year-on-year, per official data.
CIFI’s plight is particularly alarming. It managed to avoid defaults on any of its publicly-traded debt, and even paid an interest payment for an offshore bond due in 2024. That bond, though, rallied to 60 cents on the dollar last month, but now trades at just 28 cents. CIFI’s chairman has also that the company was not able to tap its $4.1 billion of cash on its balance sheet due to government controls on its escrow accounts. The stronger parts of the property market are weakening, and fast.
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