by Amruth Sundarkumar | Dec 2, 2022 | China, Distressed / Defaulted Bonds
Sunac China agreed to sell roughly 90% of its stake in one of its most valuable projects in Shanghai to two state-owned investors. As part of the transaction, it sold a 64.7% stake in its Oceanwide Construction Holdings unit to a unit of China Huarong Asset Management...
by Amruth Sundarkumar | Dec 1, 2022 | China, Distressed / Defaulted Bonds, High Yield Bonds
Four Chinese property developers namely Hubei Fuxing Technology, Shimao Group and Xinjiang Beixin Road & Bridge and Xiamen C&D have come forward to issue shares after the relaxation in policy regarding developers’ equity financing. Among the planned...
by Amruth Sundarkumar | Nov 29, 2022 | China, Distressed / Defaulted Bonds
Evergrande has sold a plot of land in Shenzhen for RMB 7.5bn ($1bn) after being put on sale in mid-November. The land was initially reserved to build its Shenzhen headquarters but there had been no development there since September 2021. With a restructuring proposal...
by Amruth Sundarkumar | Nov 28, 2022 | China, Distressed / Defaulted Bonds
The Chinese property sector has witnessed a record amount of defaults ever since the Evergrande crisis began in mid-2021. Offshore defaults across the sector have crossed $37bn from January-August 2022. Nearly 70% of the dollar bonds in the sector are trading at less...
by Amruth Sundarkumar | Nov 23, 2022 | China, Distressed / Defaulted Bonds
Greenland Holding won approval of bondholders’ to extend maturities of its dollar bonds as per a regulatory filing, Bloomberg notes. This comes about a week after the company defaulted on its $300mn 5.6% dollar bond due November 13. In the beginning of November,...
by Amruth Sundarkumar | Nov 21, 2022 | China, Distressed / Defaulted Bonds
Kaisa Group is said to have delayed talks with offshore creditors on the terms of its debt restructuring, as per Reuters reports. The talks were expected to begin in October and may not start until 1H 2023. LL Tam, the adviser at Kaisa is said to have taken over...
