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What a Banker Needs to Know - 9 March 2022 (Wed)

Chinese property developers have $197bn in payments due to cover a number of liabilities including maturing bonds, coupons, trust products and deferred wages as per Bloomberg and analyst calculations. Details of the payments due are given below:

  • Worker wages amounting to RMB 1.1tn ($173bn) as per Nomura economists
  • Dollar bonds with $6.04bn in principal payments and $1.7bn in coupons
  • Local bonds with RMB 37.2bn ($5.8bn) in principal payments and RMB 6.6bn ($1bn) in coupons
  • Trust products worth RMB 60.2bn ($9.5bn) due as per data tracker Use Trust

Besides, other interest payments on local and offshore bonds, bills to suppliers and potential hidden debt (local and offshore combined) may also add to the pile. The weekly dues on developers’ bonds are given below:

  • January 1-7: Companies like Agile, Zhenro, Logan, R&F Properties, Redco and Seazen have a combined $234mn due
  • January 8-14: Companies like Times China, Shimao, Sunac, KWG, Yango, Greentown, Redsun, Logan, Yuzhou, Central China, R&F Properties, Zhenro and Seazen have a combined $1.42bn due
  • January 15-21: Companies like Powerlong, Shimao, Yango, Seazen, Shimao, Logan, Redsun, Times China, Central China, Aoyuan and Sunac have $831mn due
  • January 22-31: Companies like Ronshine, Yango, Sunac, Greentown, Aoyuan, Powerlong, Ronshine, Sunac, R&F Properties and Shimao have $1.46bn due

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