Huarong’s Shareholders Approve Plan to Sell Assets, Raise Capital
China Huarong Asset Management Co. had its much-delayed AGM on Thursday where it received shareholder approval for the following special resolutions: Issue the remaining RMB 10bn ($1.6bn) of its capital bond quota Allow the board a mandate to issue up to 20% of its...
US HY Bond Fund Inflows at Six-Month High
US High Yield (HY) bond funds saw its biggest inflows since April 7, 2021, receiving $2.3bn in cash in the week ending October 20 as per Refinitiv. The inflows show a reversal in risk appetite as it comes on the back of two consecutive weeks of outflows including a...
Chinese Developers See Fastest Pace of Rating Downgrades in 5 Years
The past few months have been difficult to say the least for Chinese property developers, marred by a wall of looming debt payments, tight liquidity conditions and a series of credit rating downgrades. In fact, the pace at which the three major credit rating agencies...
Evergrande Scraps $2.6bn Property Services Unit Sale with Hopson
China Evergrande scrapped talks to sell 50.1% of its stake worth $2.6bn in Evergrande Property Services to a unit of Hopson Development as per its exchange filing. Evergrande said that it “had reason to believe the purchaser had not met the prerequisite to make...
