Seazen Says It Wired Funds for $200mn Dollar Bond Redemption
Chinese real estate developer Seazen is said to have transferred funds late last week for the interest and principal due on its $200mn 5% dollar bond due today (August 8). An official from Seazen told Bloomberg that the funds were sent to a designated trustee account....
Evergrande Set to Receive $818mn for Cancelling Land-Use Rights
Distressed Chinese developer China Evergrande Group announced that it is set to receive RMB 5.52bn ($818mn) from the cancellation of land-use contracts linked to a football stadium. The company bought the rights in April 2020 from the Guangzhou Municipal Planning and...
Zhenro Announces Missed Payment; Sino-Ocean Bonds Plummet
In other China real estate news, Zhenro announced that it has defaulted on another payment – $29.8mn of principal due on a note on August 3. The company added that it may not be able to pay a $13.3mn coupon on another note before its 30-day grace period ends on...
Future Retail Downgraded to D by Fitch as Bankruptcy Proceedings Begin
Future Retail has been downgraded from RD to D by Fitch after bankruptcy proceedings against the company were set into motion. A court order on 20 July showed that the Indian retailer had submitted a petition under India’s Insolvency and Bankruptcy Code, 2016 after it...
