by Amruth Sundarkumar | May 25, 2023 | China, Investment Grade Bonds
China Vanke, Poly Developments & Holdings and China Merchants Shekou Industrial Zone Holdings lead the Chinese property market for new A-share issuances under Beijing’s ‘three-arrows’ plan. The three-arrows policy is an initiative by the...
by Amruth Sundarkumar | May 19, 2023 | China, Distressed / Defaulted Bonds, High Yield Bonds
On the back of the recent stresses in the Chinese real estate market, HSBC estimates that the high yield property sector will see $10.1bn of defaults in 2023 vs. a record $63.7bn in 2022. Beginning with owner protests against stalled projects and mortgage boycotts,...
by Amruth Sundarkumar | May 15, 2023 | China, Distressed / Defaulted Bonds
KWG Group has missed a $119mn payment on its 6% dollar bonds due January 2024. The developer noted that it missed the payment that included 15% of the principal, and the accrued/unpaid interest, due May 14. KWG has not yet received any acceleration notice from...
by Amruth Sundarkumar | May 10, 2023 | China, High Yield Bonds
Dollar bonds of Wanda Properties fell as much as 5-8 points after reports of parent Dalian Wanda being in talks with major Chinese banks for a loan relief plan. Sources said that Dalian Wanda asked major Chinese banks to extend its principal repayments for some...
by Amruth Sundarkumar | May 8, 2023 | China, High Yield Bonds
Country Garden’s dollar bonds were lower by over 2 points across the curve with the developer reporting its April contracted sales. It reported contracted sales of RMB 22.69bn ($3.3bn), almost unchanged YoY. In March, the developer reported a 17% YoY drop in its...
by Amruth Sundarkumar | May 5, 2023 | China, Distressed / Defaulted Bonds
China Fortune Land Development (CFLD) said that it successfully restructured more than 80% of its RMB 219bn ($31.7bn) debt and returned to profitability after two years of a liquidity crisis. Reflecting the debt restructuring progress, CFLD net profits of RMB 1.6bn...
