SHANGHAI : Chinese high-yield property issuers have by one measure defaulted on nearly a quarter of their outstanding bonds this year, Goldman Sachs analysts estimated, highlighting liquidity stress as Beijing looks to stabilise the battered sector.
"If we assume all the bonds from issuers that have entered into bond exchange or maturity extension transactions as being in default, the default rate would rise to 23.4per cent," they said. "Whilst credit stresses have picked up, China policymakers have also reiterated their accommodative policy stance," they said, adding that"risks are clearly tilted towards the downside case."
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