China’s $150 Billion of Property Debt Restructurings Stumble
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Creditors owed around $150 billion by defaulted Chinese developers always stood to get just pennies back, but many are finding that even after a debt plan is agreed it’s not necessarily a done deal.
A growing number of builders that passed a seemingly key stage of restructurings in getting court approval for their plans are heading back to square one, after fresh liquidity problems amid a prolonged property crisis made it harder for them to honor their promises.