by Amruth Sundarkumar | Jan 4, 2023 | China, Distressed / Defaulted Bonds
China Evergrande’s founder Hui Ka Yan said that the developer will repay creditors and deliver projects this year. He said, “I believe we can complete our mission of delivery, repay various debts, eliminate the risks, and start a new chapter on...
by Amruth Sundarkumar | Jan 4, 2023 | China, Distressed / Defaulted Bonds
Sunac China’s unit will sell a 51% stake in Shenzhen Ronghua Land Investment to Zhuhai Huafa for RMB 3.6bn ($520mn). Proceeds will be used to repay loan obtained for financing acquisition of a project in Shenzhen. Sunac is among the several Chinese distressed...
by Amruth Sundarkumar | Jan 3, 2023 | China, High Yield Bonds
Country Garden’s (COGARD) dollar bonds were up by 7-13% over the last week with the developer receiving a combined $927mn. It secured ~HKD 5.1bn ($647mn) in the form of an interest-free loan from Concrete Win Limited, wholly-owned by Yang Huiyan, the co-chairman...
by Amruth Sundarkumar | Jan 3, 2023 | China, Distressed / Defaulted Bonds
China Evergrande delayed releasing its restructuring plan yet again, after having missed its self-imposed deadline of end-2022. The developer is currently facing a winding-up lawsuit in Hong Kong which it cited as one of the reasons for delaying its overhaul plans...
by Amruth Sundarkumar | Dec 21, 2022 | China, High Yield Bonds
Sino-Ocean received an RMB 50bn ($7bn) credit line from ICBC on December 15. This comes as a positive update after China’s measures to ease financial stress on developers where ICBC said it would provide RMB 655bn ($91.5bn) in credit lines to 12 developers, of...
by Amruth Sundarkumar | Dec 20, 2022 | China, Distressed / Defaulted Bonds
Times China missed paying the coupon on its 5.55% 2024s that was due on December 4. While it has not yet paid the coupon, it noted that an “Event of Default” will only occur once the grace period of 30 consecutive days since the payment date expires. Its...
