Goldman Sachs: Defaults on Chinese high-yield property bonds to remain elevated in 2024 amid weak property sales

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Goldman Sachs: Defaults on Chinese high-yield property bonds to remain elevated in 2024 amid weak property sales - SCMP

Quick Summary:

The default rate will hit 35 per cent amid weak property sales in 2024 after reaching 42.2 per cent so far in 2023, the investment bank says.

Country Garden, once considered a healthy private developer, plunged into distress this summer and missed a coupon payment of US$60 million in October.

A view of Country Garden’s Phoenix City development in Suzhou, Jiangsu province, China, on November 2, 2023.