SHANGHAI : A Chinese real estate developer avoided a default on a maturing dollar bond on Friday, as China's homebuilders struggled with the spreading impact of a debt crisis at China Evergrande Group, the world's most indebted developer.
Xinyuan's 14.5per cent September 2023 bond crashed nearly 30per cent on Friday to trade at 58.35 cents, according to data provider Duration Finance. In a sign that authorities may be trying to curb the impact of developers' debt woes, Chinese regulators have told some major banks to accelerate mortgage approvals in the fourth quarter, Bloomberg reported Friday, citing unidentified sources.
Spreads on Chinese high-yield corporate dollar bonds touched a fresh record late Thursday evening U.S. time, having nearly tripled since late May, while investment-grade spreads remained near their widest in more than two months. But with economic growth cooling and new construction starts slowing, speculation has been rife over whether it would start relaxing those restrictions, as was done during past downturns.[ECILT/CN]
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