Chinese Developer Distress Spreads After Wanda Surprises Market
- Wanda warned of $200 million shortfall on note due July 23
- China builder shares dropped after Evergrande reported losses
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Mounting signs of financial stress at Chinese developers are again roiling the nation’s dollar-bond market and adding to concerns about the health of the world’s second-largest economy.
Shui On Land Ltd. became the market’s latest worry on Tuesday, with its notes plunging by record amounts of more than 10 cents as the firm seeks to identify bondholders — a step that sometimes foreshadows payment delays. State-backed peer Sino-Ocean Group Holding Ltd. halted trading in a local note that matures in two weeks, flagging “significant” uncertainty in repaying that security.