Shimao to Exit 34 Projects; Pudong Bank Prices Yuan Bond Partly for Property M&A Loans
Chinese developer Shimao Group is moving to offload 34 projects across 17 cities that include, Beijing and Shanghai, as per Caixin Global. Shimao is asking for RMB 42.2bn ($6.7bn) for 15 of those projects while the remaining 19 are either JVs or projects in initial...
Evergrande Requests Creditors Not to take Legal Action; Names New Board Members
Evergrande asked offshore creditors to not take any “radical legal actions” against the company. The request comes after its creditors stated that they will take “all necessary actions” if the company did not show urgency to resolve a default. Evergrande announced it...
Evergrande’s Dollar Bonds Jump on News of Progress on Restructuring; Yuzhou to Delay Bond Payment
Evergrande’s dollar bonds jumped over 4 cents on the dollar on Friday after a report cited by Bloomberg mentioned that the Guangdong government plans to release a debt restructuring framework by March that includes a plan to address offshore debt. This is seen...
Sunac Downgraded to BB-; Evergrande Creditors Threaten Legal Action
China Sunac was downgraded to BB- from BB by Fitch, reflecting its decreasing financial flexibility amid high capital-market volatility. Sunac has RMB 12.3bn ($1.9bn) of onshore bonds maturing or becoming puttable by end-2022 and $600mn of offshore bonds due both in...
