Jun 16, 2022 05:32 AM

ECONOMY

Developers Face Mounting Debt Payments in Coming Months

By Chen Bo and Han Wei

Mounting payment obligations are adding to pressure on developers that have been struggling with dwindling cash and slow sales.

Mounting payment obligations are adding to pressure on developers that have been struggling with dwindling cash and slow sales.

Chinese property developers face imminent deadlines to repay multibillion-dollar debts, underscoring the urgency for many distressed companies to seek extensions amid limited access to new funding and a market slowdown.

Two hundred major developers in China will need to repay debts totaling 175.5 billion yuan ($26 billion) in June and July, about 61% of the total maturities in the second half of the year, according to data from property consultancy China Real Estate Information Corp. (CRIC).

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