Amid new uncertainty in China’s real estate market after Vanke proposed to extend its bond maturity, two private Chinese data agencies have also failed to publish national major property developers’ November sales data, drawing market attention.
China’s two largest private real estate data providers, CRIC (China Real Estate Information Corp) and China Index Academy, did not disclose the total November sales for the country’s top 100 developers on Sunday (November 30). Traditionally, these two agencies release such data on the last day of each month.
Kristy Hung, an industry analyst at Bloomberg Intelligence, stated in a report on Monday (December 1) that the absence of this data could heighten uncertainties about the troubled industry’s situation, “November’s data will likely show an even steeper decline.”
The market has become uneasy again following the crisis faced by top performer Vanke. After several consecutive days of Vanke bond declines, the company last week, for the first time, sought to delay the settlement of a domestic bond. This unexpected move by Vanke has further worsened a market already battered by years of sluggish sales and widespread defaults by developers such as Evergrande and Country Garden.
The market has become uneasy again following the crisis faced by top performer Vanke. After several consecutive days of Vanke bond declines, the company last week, for the first time, sought to delay the settlement of a domestic bond. This unexpected move by Vanke has further worsened a market already battered by years of sluggish sales and widespread defaults by developers such as Evergrande and Country Garden.
Vanke has two debts maturing in December: the “22 Vanke MTN004” bond’s principal is due for repayment on December 15, with an outstanding amount totaling 2 billion yuan (1.16571 billion ringgit); another medium-term note with a balance of 3.7 billion yuan is due at the end of December. Vanke has convened a creditors’ meeting to request an extension for the 2 billion yuan bond, causing market turmoil.