Property developers' short-term financing picks up amid cash crunch amid epidemic, wall of maturities

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Chinese property developers have stepped up short-term borrowing in February to ease a cash crunch caused by stalled home sales due to the coronavirus outbreak and a "wall of maturities" this year.

Developers had issued at least 8 short-term notes this month as of Feb. 25, having raised $2.34 billion, which amounts to about 47 per cent of the full-year amount in 2019, according to CRIC, a Chinese real estate consultancy.

For example, Guangzhou-based China Aoyuan Group sold $188 million of 363-day notes last week.

While notes . . .

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