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Delinquent Shimao, Kaisa units named and shamed as defaults rise in China

The total number of such delinquent firms jumped 26% in December from the previous month, according to the list published by the Shanghai Commercial Paper Exchange.

Photo: Bloomberg
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Photo: Bloomberg

Reuters Shanghai
Property firms controlled by developers Shimao Group Holdings, Kaisa Group Holdings and Greenland Group have been named and shamed in a list of Chinese companies "consistently overdue" on commercial paper payments.
 
The total number of such delinquent firms jumped 26% in December from the previous month, according to the list published by the Shanghai Commercial Paper Exchange.
 
The spike in defaults on commercial paper - a popular short-term debt instrument that Chinese developers use to delay payment to suppliers - shows sustained liquidity stress in the real estate sector despite some policy easing.
 
The list also contains an increasing number

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