Creditors including those based in China are likely to take a haircut from Sri Lanka’s debt restructuring.
Han Shih Toh
Auditor resignations plus delayed financial results are bad news for Hong Kong-listed developers.
Chinese banks have been ordered to lend more, but fear anti-corruption investigations.
Some have accused Sri Lanka of falling into China’s “debt trap", but the South Asian nation refuses to put all of its eggs in China’s basket.
As Evergrande and Kaisa default on US dollar notes and Shimao was downgraded to non-investment grade, will more Chinese developers follow suit?
Evergrande admits it may not have enough capital to repay its debt.
German firm launches bankruptcy proceedings against Evergrande.
The mounting trade war between China and the US has caused equity corrections, but fund managers say regional debt could perform best if a favourable trade deal is struck.