More Chinese Private Developers Default on Debt

China’s property developers still face tight liquidity despite a series of easing policies by the government.

In the third quarter, 13 out of 14 first-time bond defaulters were property companies, according to a report Wednesday by Huachuang Securities.

All of the developers are private companies with annual sales of 100 billion yuan ($13.84 billion) or less. Most of the defaults were on offshore and private-placement bonds.