by Amruth Sundarkumar | Nov 30, 2022 | China, High Yield Bonds
China’s securities regulator CSRC said that it will allow property developers to sell shares to raise funds, reversing its ban on equity refinancing imposed in 2009 to prevent the market from overheating. The CSRC rolled out five measures to facilitate equity...
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, High Yield Bonds
Country Garden’s (COGARD) dollar bonds continued the move from last week to surge higher again as the developer received funding in the form of credit lines. Up to $7bn in credit lines were signed between COGARD and Postal Savings Bank of China which will be...
by Amruth Sundarkumar | Nov 25, 2022 | China, High Yield Bonds
Dollar bonds of several Chinese developers rallied after ICBC, Postal Savings Bank of China and CCB joined three other big domestic banks in providing a combined $129bn in credit lines. ICBC said it would provide RMB 655bn ($91.5bn) in credit lines to 12 developers...
by Amruth Sundarkumar | Nov 24, 2022 | China, High Yield Bonds
Chinese conglomerate Fosun International is said to be planning to sell a minority stake in Alibaba’s logistics arm Cainiao for up to $1bn, as per sources. Fosun plans to sell a less than 5% stake in Cainiao and the plan is only in early stages, they said....
by Amruth Sundarkumar | Nov 24, 2022 | China, Corporates
Five of China’s large property developers have received a combined $30bn in credit line support from three of the largest state-owned banks to support the property sector. BOCOM said it agreed to provide a RMB 100bn ($14bn) credit line to China Vanke and an RMB...
