Part 2/10:
According to an analysis by DebtWire, only $917 million has been dispersed to offshore bondholders across 62 developers in a three-year span, equating to a meager 0.6% recovery. The gravity of the crisis is further encapsulated in the staggering liabilities reported, with the National Bureau of Statistics noting a total debt of $12 trillion owed by developers—a sum larger than the national debts of many countries.
Despite efforts from the Chinese government to stabilize the real estate sector, cash flow to offshore creditors remains almost nonexistent. This situation is compounded by ongoing financial constraints faced by developers, thus hampering the prospect of recovery for international investors.