China Developers See More Debt-Rating Cuts: Evergrande Update
The China Evergrande Group headquarters in Shenzhen, earlier in September.
Photographer: Gilles Sabrie/BloombergThis article is for subscribers only.
Chinese property developers are suffering credit rating downgrades at the fastest pace in five years as a recent slump in new-home sales adds to concerns about the sector’s debt woes.
Moody’s Investors Service, Fitch Ratings and S&P Global Ratings have cut Chinese builders’ ratings a combined 91 times through Sept. 30, triple the number of this year’s upgrades. That’s already a record full-year count of downgrades.