Shuli Ren, Columnist

Skeletons in China's Property Closet

Metrics may be improving, but overseas creditors are way down the line to be repaid in the event of trouble.

September 29, 2017 at 4:45 AM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

General Views of Downtown Shenzhen — Photographer: Qilai Shen/Bloomberg

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Chinese developers have been the talk of the town this year as their sales and share prices surged, and even the major rating agencies are starting to pay attention. Investors in the companies' dollar bonds should rein in their enthusiasm, though.

Moody's Investors Service now expects real estate firms' credit metrics to improve over the next 12 to 18 months, while Fitch Ratings last week upgraded Country Garden Holdings Co. to investment grade.