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...
by Amruth Sundarkumar | Nov 18, 2022 | Banks, China
Regulators have asked banks to report on their ability to make good on short-term dues amid a recent surge in wealth management product (WMP) redemptions faced by Chinese lenders. Wealth management units of banks are trying to calm investors after their local bonds...
by Amruth Sundarkumar | Nov 17, 2022 | China, Distressed / Defaulted Bonds
China Evergrande’s stalled residential project in Henan province saw the city of Kaifeng buy 1,050 flats from the developer, as per Caixin Global. The city bought these flats in order support the ailing sector as well as to expand local supply of subsidized...
by Amruth Sundarkumar | Nov 17, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Central China Real Estate (CCRE) was downgraded to CCC- from CCC+ by S&P after it missed a $7.9mn coupon payment on November 7. The bond in question was its $200m 7.9% 2023s. While the developer said that it planned to make the payment within the 30-day grace...
by Amruth Sundarkumar | Nov 16, 2022 | China, Distressed / Defaulted Bonds
Greenland Holding missed paying the principal on its outstanding $362mn 5.6% bond that was due on November 13. At the end of October, the developer warned that it would likely default on the above bond and launched a consent solicitation, to extend maturities for nine...
