Sell-off in property developers' bonds continue amid growing concerns about mortgage defaults

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Bonds issued by Chinese property developers continue to plunge on Friday amid growing market concerns over mortgage defaults.

The bond issued by Country Garden, due Nov 2023, tumbled by 50% and Powerlong Real Estate, due August 2023, tumbled by 20% before the trading was temporarily suspended.

The bond issued by Jinke Property, due May 2023, tumbles by nearly 12% and the bond issued by Logan Group, due November 2024, slides nearly 8%.

In the offshore market, Country Garden’s 3.3% dollar bond due 2031 fell by 1.4 cents on the dollar to 32 cents and its 5.125% notes due 2027 fell 1 cent on the dollar to 33 cents. Country Garden’s stocks tumbled by 5.5% to HK$3.4 in the morning session.