Pressure is on the rise for China’s property market as it faces the prospects of a default by Country Garden. A number of global banks and asset managers reportedly have exposure to the troubled developer.
Numerous global banks and asset managers previously reported exposure to Country Garden dollar bonds, according to a «Bloomberg» report citing various filings. They include BlackRock ($358.5 million as of August 14), Allianz ($301 million as of June 30), Fidelity International, HSBC, Ninety One UK, Apollo Asset Management, UBS, JPMorgan, Deutche Bank and Lombard Odier.
Depending on the rules of each country, filings may reflect holdings that belong to the firm or the client. The filings also may not necessarily reflect current holdings due to possible subsequent changes.
Country Garden is one of China’s largest developers with 3,000 housing projects in the country, quadrupling those of China Evergrande. It is now in the midst of a 30-day grace period after missing coupon payments on two dollar notes on August 7.
