China developer shares slide as Evergrande concerns simmer

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Shares and dollar bonds of Chinese real estate firms slid again on Thursday as investors fretted about a debt crisis rippling through developers including China Evergrande Group , a day after the sector was hit with rating downgrades.

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slipped 0.54%. Property shares have fallen nearly 20% this year, compared to a 5.7% fall for the CSI300."News on marginal easing will likely cause a short-term rebound, which, however, may not be very sustainable due to the likely ongoing concerns on the offshore bond market," they said.

"A more sustainable rally may happen in January 2022 when banks have more front-loaded quota to extend credit to developers/mortgages."listed among both the biggest gainers and biggest losers on the day by the Shanghai Stock Exchange. "Property bonds are lightning rods," said a director at a local brokerage. Apart from the risk of debt contagion from Evergrande, higher mortgage rates - part of official efforts to rein in surging housing prices - are hitting the industry, he said. "Fundamentally, the high turnover of real estate companies is gone."

In international debt markets, data provider Duration Finance showed Greenland Group Holdings' 6.75% June 2022 bond was trading down more than 3 points at 60.175 cents, and Xinyuan Real Estate's 14.5% September 2023 bond slumped nearly 8 points to 63.9 cents.

, which tend to have the most solid finances, near its widest in more than two months on Wednesday evening U.S. time.that tracks firms such as Evergrande pulled back on Wednesday, but remained close to all-time highs.Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

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