International bond sales by Chinese developers have all but halted as the crisis at China Evergrande stokes fears of defaults across the country’s property sector, throttling a crucial driver of Asia’s high-yield debt market.
Just one developer has managed to tap overseas bond investors since Evergrande, the world’s most indebted real estate group, missed an $83.5m interest payment last month, rattling global markets.
The $102m bond sale by Helenbergh China Holdings this month has done little to address huge funding shortfalls among heavily leveraged property groups. Issuance of high-yield dollar debt is down 28 per cent from a year ago, according to data from Dealogic.
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