Chinese Developers’ Debt Woes Worsen as Sales, Yuan Weaken

Chinese Developers’ Debt Woes Worsen as Sales, Yuan Weaken
A man walks at a construction site near residential buildings in Beijing on April 14, 2022. Tingshu Wang/Reuters
Reuters
Updated:

HONG KONG—Chinese developer Zhongliang Holdings is scrambling to secure bondholder approval to extend the repayment on notes worth $729 million ahead of a key deadline next week, joining peers desperate to avoid offshore debt defaults.

The Shanghai-based company has struggled to sell enough houses amid a sustained property downturn in China or secure refinancing to pay investors who are due full redemption on their bonds in May and July.