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      An assessment of credit risk in the Chinese Property Market

      Investors in China are increasingly concerned about rising debt, with total credit to the non-financial sector reaching 255% of GDP as of March 2016. Between 2008 and 2015, credit increased at a Compound Annual Growth Rate of around 20%, well above the average GDP growth rate of 8.5% recorded over the same period.

      Commercial banks’ non-performing loan (NPL) ratio had risen to 1.75% in Q2 2016, as slower domestic economic growth and the fluctuating stock market resulted in the deterioration of asset quality. The NPL ratio has now returned to levels recorded before the government’s RMB 4 trillion financial stimulus package was launched in 2009.

      The number of defaulted companies has increased in recent years, with 13 cases recorded in 2015, more than double the number in 2013 and 2014. Five of the defaults recorded last year were assigned a rating of A or above by independent credit agencies.

      In the real estate industry, several defaults have occurred over the last two years, prompting talk of growing credit risk in the sector. This special report will assess credit risk in the Chinese real estate market and discuss the implications for the overall property market.


      Contacts


      Henry Chin, Ph.D.
      Head of Research
      Asia Pacific
      Email

      Canon Yau
      Senior Director
      Capital Advisors, Asia Pacific
      Email

      Ada Choi, CFA
      Senior Director
      Asia Pacific Research
      Email

      Sharon Law
      Senior Director
      Capital Advisors, Asia Pacific
      Email

      Leo Chung, CFA
      Manager
      Asia Pacific Research
      Email

      Alan Li
      Head of Capital Markets
      Greater China
      Email

      Sam Xie
      Head of Research
      China
      Email

      Laura Zhu
      Assistant Manager
      China Research
      Email

      An assessment of credit risk in the Chinese Property Market

      信用風險隱現?中國房地產市場債務評估

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