Stocks and bonds in China’s real estate industry fell to around eight-month lows as repayment worries at two of the country’s biggest developers plunged confidence in the sector deeper into crisis. | Reuters
Shares at rival Longfor dropped 10 percent, while an asset sale at Wanda failed to revive bond prices as investors waited on whether the cash actually reaches bondholders’ pockets.
An index of mainland developers fell 5.5 percent on Monday and was on course for its worst session of 2022.ADVERTISEMENT Wanda, China’s largest commercial developer, was also scrambling for cash for one of its subsidiaries to make an already-late coupon payment due before the end of a grace period on July 30. It sold part of another subsidiary to streaming firm China Ruyi for $320 million, which a source familiar with the matter said would help it repay a separate $400 million bond.
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