Indebted Chinese developers strike deals with investors, but not out of woods yet

Cash-strapped Chinese developers are trying to appease investors with partial repayments to win some more time.But with a bunch of deadlines looming, they are not out of the woods yet. Beijing’s “three red lines” have made it more difficult for such overleveraged developers to obtain bank loans, cutting off an important source of liquidity.“This downturn is unlike previous corrections, as it has already contributed to a number of developer defaults,” said Matthew Chow, credit analyst at S&P…

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