Labourers sit in cement pipes near residential buildings at a construction site in Wuhan, Hubei province June 19, 2014. REUTERS/Stringer
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Chinese property trusts face record repayments next year as the real-estate market cools, fueling speculation among bond funds that more developers will collapse.The trusts, which channel money from wealthy individuals to smaller builders that have trouble obtaining financing elsewhere, must repay 203.5 billion yuan ($32.7 billion) in 2015, according to Use Trust, a Chinese research firm. That's almost double the 109 billion yuan due this year. New issuance of the products slumped to 40.7 billion yuan this quarter, the least in more than two years, Use Trust data show. The industry was worth 38.8 trillion yuan as of the end of last year, according to a Barclays PLC report last month.While offshore note issuance from developers in China and Hong Kong has more than doubled this quarter compared with the same period last year to $6.1 billion, that's down 26 percent from the first three months of the year, Bloomberg-compiled data show.The Shanghai Stock Exchange Property Index, which tracks 24 developers listed in the city, has slumped 6.3 percent this year, exceeding the 4.2 percent decline for the Shanghai Composite Index.
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