Caixin
Mar 09, 2022 08:48 PM
FINANCE

Bond Sales by China’s Top Property Developers Slump Amid Housing Crisis

Cranes stand in Kunming, Southwest China’s Yunnan province, in November 2021. Photo: VCG
Cranes stand in Kunming, Southwest China’s Yunnan province, in November 2021. Photo: VCG

The financial squeeze on China’s property developers shows little sign of easing, with total fundraising by 100 of the country’s largest builders monitored by consultancy firm China Real Estate Information Corp. (CRIC) slumping to its lowest in four years in February.

The 100 companies, which include China Vanke Co. Ltd. (000002.SZ) and Hong Kong-listed Sunac China Holdings Ltd., raised a combined 39.8 billion yuan ($6.3 billion) last month, 58.8% less than a year earlier and down 58.9% from January, CRIC said in a report Monday. The top 10 developers appear to be holding up better — their combined fundraising only fell 45.4% year-on-year in the first two months of 2022, a separate CRIC report released Sunday showed.

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