A debt crisis in China’s property industry has sparked a record wave of defaults and dragged more developer bonds down to distressed levels.
Risks are now spreading to even higher-rated borrowers. A property firm long considered among the nation’s most resilient, Greenland Holdings Corp., shocked investors last week with a proposed dollar-bond payment delay. Earlier this month, China’s fourth-largest developer, Sunac China Holdings Ltd., became one of the biggest to default.
