Amid the Evergrande crisis, more Chinese developers are facing defaults, as ratings agencies dished out a fresh round of downgrades.
China's property developers have grown rapidly following years of excessive debt, prompting authorities to roll out the "three red lines" policy last year. That policy places a limit on debt in relation to a firm's cash flows, assets and capital levels.
It has since missed three interest payments for its U.S.-dollar bonds. The stock has been suspended since Oct. 4, andTrading of Chinese real estate bonds spiked to over $1 billion so far in October, from over $600 million in August, according to data from electronic fixed income trading platform MarketAxess. Evergrande's 8.75% bond maturing in 2025 is currently the second-highest most traded emerging market bond on its platform, it said.
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