SHANGHAI, Oct 13 — Worries over possible spiralling effects of a debt crisis at developer China Evergrande Group drove Chinese high-yield spreads to record highs today, days after the company missed another dollar bond deadline.
“Such an event could also contribute to large-scale losses by investors in wealth management products, and the contractors and service firms that support the developers.” Chinese property companies’ bonds continued to fall today, comprising seven of the top 10 losers among Shanghai-traded corporate bonds.
Marketaxess quoted a Kaisa Group Holdings June 2026 bond as falling 0.9 per cent to 41.125 cents. Its yield has risen to around 40 per cent. Evergrande’s mid-sized rival Fantasia has also already missed a payment and Modern Land and Sinic Holdings are trying to delay payment deadlines that would still most likely be classed as a default by the main rating agencies.
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