Chinese property hard landing deteriorates

Friday, 14 January 2022

As much as markets would like it to be over, it isn’t. It’s getting worse. Developer junk spreads exploded yesterday to new records:

It took in all of the usual suspects:

But, more alarmingly, it is dragging in the largest and most well-regarded developers in the country. Country Garden is the largest in the market and investment grade but nobody cares:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.