Asia Pacific Equity Research 24 June 2025 China Property SASAC requiring SOE developers to avoid a default? Bloomberg reported market speculation that SASAC may add a new KPI for SOE developers that they must avoid defaulting on publicly issued debt. This is not verified yet. However, to us, "SOEs do not default" has been an implicit understanding for the past few years, and we still have faith that most SOEs will not default. That said, as shown in our balance sheet ranking for 100 developers, the credit m ...