International bondholders have recovered less than 1 per cent of nearly $150bn of bonds defaulted on by China’s property developers since 2021, despite years of negotiations and nearly a dozen restructuring agreements.
Just $917mn in cash has been transferred to investors in offshore bonds across 62 developers in that period, according to an analysis of restructuring data from Debtwire, equivalent to 0.6 per cent of the $147bn in defaults recorded.
Only three developers — China Fortune Land Development, China South City and RiseSun Real Estate Development — have made any cash coupon payments across 11 restructuring agreements for $39bn in debt, as mainland property businesses struggle to generate income.
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