China Debt Restructurings Come to a Head for $150 Billion Market
- Builder Logan proposes to issue new bonds due in seven years
- March brings crucial court dates, mileposts for developers
Residential buildings under construction in Beijing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Two years after China’s developers began their descent into a debt crisis that ravaged the sector and forced record defaults in the nation’s $150 billion junk dollar debt market, creditors are starting to get a taste of the full consequences.
Logan Group Co. — a builder of homes for first-time buyers which operates mainly in the Greater Bay area of Guangdong, Macau and Hong Kong — showed its latest restructuring proposal to some noteholders this week, people familiar with the matter said. It adds to a flurry of activity in a pivotal month for the country’s property debt crunch.