Bigger than Evergrande?

China’s largest property developer (by sales) is starting to falter:

SHANGHAI LONDON Reuters – China’s biggest homebuilder by sales, Country Garden, saw its bonds slump on Monday as the country’s property crisis showed no signs of letting up.

Last week was the worst on record for Country Garden’s bonds and new drops of up to 17 points on Monday, leaving most of its international market debt at 25 – 35 percent less than its face value.

Reports that it had dropped plans to raise $300 million last week after debt market investors showed insufficient appetite, according to analysts.…


Another Chinese property developer in trouble.…
Shimao Group’s founder is putting two floors of the world’s priciest office tower on the market for sale, as even one of China’s more restrained real estate developers digs into his own pockets to pare a looming debt load.

Shimao’s founder Hui Wing Mau and his daughter Hui Mei-mei are asking for HK$1.6 billion (US$205 million) for levels 31 and 32 of The Center in Hong Kong, with a combined floor plate of about 50,000 square feet (4,645 square metres), according to a sales kit seen by South China Morning Post.