Only 0.6% of offshore debt recovered from China’s property developers

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International bond holders have regained less than 1 percent of about 150 billion dollars of bonds that real estate developers in China has been exposed since 2021, despite years of negotiations and about ten restructuring agreements.

Only 917 million dollars were transferred to investors in foreign bonds through 62 developers in that period, according to the analysis of restructuring data from the wires, equivalent to 0.6 percent of $ 147 billion in failure to pay.

Only three developers have developed land in China, in the field of real estate development in South China and Rarson – with any cash voucher payments through 11 structuring agreements for $ 39 billion in debt, as real estate companies are struggling on the main mainland to generate income.

Data emerges the difficulties faced by international investors in recovering money from any of their property in Chinese developers, which have borrowed heavily on foreign markets during a breakthrough mutation after Evergrande in 2021.

It also doubts the feasibility of a set of restructuring agreements that were photographed in Hong Kong and clarifies the depth of the real estate market in China, despite government efforts to restore confidence, including reducing interest rates and completing incomplete projects.

Hong Kong’s restructuring adviser, who did not want to name, said he was not aware of any money that moved from the mainland developers out of the country because of their continuous difficulties.

“Everyone has just thrown at the towel,” Dominic Dominic said soon. “The main problem is really wild debt. Without solving it, there is almost no money that can come out.”

External bonds are decreased due to the debts on the mainland, which is a major challenge to policy makers because they seek to settle in an economically critical sector. The total obligations of developers were 12 million dollars, according to estimates of 2023 by the National Bureau of Statistics.

Soon, Debtwire, which suggested the development of developments in the main mainland, has been leaving Hong Kong for several years.

A handful of Chinese developers listed in Hong Kong, including Evergrande, facing city petitions. But almost all its operations in China are on the mainland, which is governed by a separate legal law, and there is little evidence of liquidation procedures that affect its operations at home.

Instead, the operation focused on an overwhelming majority on the value of the value of the outer assets owned by companies, as well as restructuring deals that depend on the main maintenance flows in the main righteousness within several years.

External debt has received the increasing focus of investors due to the most transparent virtual measures governing international bonds. However, Evergrande, the world’s most debtor developer, with about 340 billion dollars of obligations according to his recent disclosure, borrowed only $ 20 billion abroad.

According to debt analysis, out of 917 million dollars paid so far, about 200 million dollars came in a paid approval fee for investors to secure deals, while $ 30 million was paid to allocated creditors groups. The data company assumes that the required cash payments have been conducted unless general information indicates otherwise.

Chinese developer Sunac revealed a restructuring outside the beach in late 2023, which strengthened the hopes of healing for bond holders. But this week, he said that he would start the operation again after warning that she will struggle to pay external payments.

Sunac, who faces a petition in Hong Kong, did not respond to the comment request.

Data of the National Office for Statistics issued last week showed that the total investment in real estate development decreased by 10 percent in the first two months of 2025 compared to the same period last year, while the prices of new homes decreased in the 70 largest cities in February.

Additional reports by Wang Xueqiao in Shanghai and the visualization data by Haohsiang Ko