China may see record corporate defaults this year as debt caps kick in to limit developers' borrowings

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China’s may see record corporate defaults this year as caps on real estate developers' debts kick in this month, crimping their ability to use new borrowings to repay their outstanding debt.

About 20 per cent of China’s largest property developers including China Evergrande Group will be barred from borrowing any more money from banks as they crossed the three red lines on debt drawn by the People’s Bank of China (PBOC), according to the state-owned Economic Information Daily.

The red lines, outlined by the central bank and the housing . . .

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