HONG KONG -- Top mainland Chinese property developers recorded close to $3 billion in foreign exchange losses, mainly on their U.S.-dollar borrowings during the first half of the year as the yuan dropped further against the greenback, adding pressure to their struggle to secure cash to service mounting debts.
The aggregate net foreign exchange losses for 24 of the top 30 mainland listed Chinese developers by contracted sales before the COVID crackdown in 2020 totaled 21.25 billion yuan ($2.75 billion) for the first six months of this year, according to research by Nikkei Asia.
