by Amruth Sundarkumar | Dec 20, 2022 | China, High Yield Bonds
KWG issued 235mn new shares at HK$2.01/share in a top-up placement, raising ~ HKD 467mn ($60mn). The shares were issued at a 14.8% discount to its closing price on Friday of HKD 2.36/share. Proceeds to be used for for refinancing existing debt and general corporate...
by Amruth Sundarkumar | Dec 19, 2022 | China, High Yield Bonds
China South City sold about 70% of its stake in a unit holding projects in the central city of Xi’an for $717mn. Proceeds from the sale will be used for working capital and repayment of RMB 2.86bn ($400mn) of shareholders’ loans it provided, thus helping...
by Amruth Sundarkumar | Dec 14, 2022 | China, Distressed / Defaulted Bonds, High Yield Bonds
Dollar bonds of Chinese property developers broadly continue to rally with the likes of Road King, Country Garden, Sino-Ocean and others up ~50% since end-November after the array of easing measures taken by Chinese policymakers and regulators. Separately, R&F...
by Amruth Sundarkumar | Dec 13, 2022 | China, High Yield Bonds
Country Garden (COGARD) is set to receive a $300mn offshore loan by ICBC in an effort that could help them repay their debt. This follows a similar move by BOC which issued an offshore loan for an unknown amount to Longfor Group. Both of these come on the back of...
by Amruth Sundarkumar | Dec 12, 2022 | China, Distressed / Defaulted Bonds
CIFI Holdings is planning to sell its entire 23.26% stake in a Hong Kong-listed property management subsidiary, CIFI Ever Sunshine Services Group to boost liquidity. The expected amount to be raised via the stake sale is not known. CIFI said that the disposal will...
by Amruth Sundarkumar | Dec 12, 2022 | China, High Yield Bonds
Chinese property tycoon Yang Huiyan, the co-chairman of Country Garden Holdings is planning to raise about $650mn by exiting some of her stake in the developer’s services unit Country Garden Services Holdings Co. Yang Huiyan’s investment vehicle is...
