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Real estate developers at risk as stress in credit market

Real estate developers at risk as stress in credit market dries up funding

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The country’s developers are at risk of going belly-up as mounting stress in the nation’s credit market dries up funding even for those willing to pay decade-high rates. “With the worsening shadow-banking crisis, borrowing rates for most developers have surged to the highest in more than a decade, in some cases about 20 per cent,” said Amit Goenka, managing director of Nisus Finance Services Co, which lends to developers. “Even at that cost, capital availability is ...