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Chinese property developers, especially private ones, are facing mounting debt repayment pressures as more debt set to mature.
China’s 80 major property developers’ total new financing shrank by 28% in 2023 to 569.2 billion yuan, and in Q4 alone, new financing slumped 53% from a year earlier, according to data from real estate research firm China Real Estate Information (CRIC). The annual amount has declined for three consecutive years, sliding by 24% in 2021 and 34% in 2022.
Chinese property developers have 737.3 billion yuan of offshore and onshore bonds coming due in 2024, an 11% increase from that in 2023, with the highest repayment pressure in March and August, according to Fitch Ratings.