Agile Group redeemed its RMB 1.59bn ($207mn) 6.2% bond due October 19. The developer has been struggling with its finances like the rest of the sector and has worked on the asset sales including that of its JV that was thought to have eased its liquidity burden. The company’s dollar bonds are trading at distressed levels of over 15 cents on the dollar.
Separately, as per Caixin Global, Huachung Securities noted in a report that Q3 witnessed 13 out of 14 defaults in China coming from the property sector, with most of them happening across offshore and private placement bonds.
