Another Chinese Property Developer
Misses Interest Payment As Debt Crisis Deepens
The property market
crisis in China is growing, as another property developer failed to make a payment
on a bond. Modern Land followed Evergrande and Fantasia by missing a bond
payment indicating that China’s property crisis is deepening.
On Tuesday, China's
National Development and Reform Commission and the State Administration for
Foreign Exchange met with foreign debt issuers, telling them to use funds for
approved purposes and "jointly maintain their own reputations and the
overall order of the market."
Earlier this month,
Fantasia Holdings Group defaulted on a maturing dollar bond that heightened
concerns in international debt markets,
Evergrande averted a
costly default last week but is under more than $300 million in
liabilities and has a major payment deadline on Friday.
Shares of property
developers extended losses, also hit by concern over China's plans to introduce
a real estate tax.
There are reports
coming out of China that its property market is in a steep decline as buyers are
reluctant to put money down on off-plan new build projects due for completion
in 5 years - and who can blame them?
Many of the high
rise blocks are shabbily built buildings thrown up quickly and the cracks are
beginning to show.
Property is effectively
leased from the government and high-rise apartment blocks will most likely be
demolished and rebuilt in 30-50 years.
Property makes up
25% of China’s GDP, so a market collapse will have a serious effect on the
overall economy.
You might be
wondering “what all this has to do with me” in the UK, US or Australia.
China’s economy
matters to the rest of the world. We are already seeing a supply shortage of
goods, which will not be helped by China’s own energy issues. A property crash
in China will mean less demand for commodities and building materials and
ultimately reduce spending on the luxury goods market.
Chinese developers also
have hundreds overseas projects in other Asian countries, Australia, America
and the UK. Liquidly problems back in China could affect some already overblown
international markets.
Property buyers from
China invest billions in London, Sydney, New York, Toronto and Manila where
prices have reach record levels.
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