by Amruth Sundarkumar | Sep 26, 2022 | Banks, China, Financial Institutions
In the latest state-led measure for property developers, China Construction Bank (CCB) will set up an RMB 30bn ($4.2bn) fund for a 10-year period to buy properties from Chinese developers. CCB will “invest in existing assets” of real estate companies and...
by Amruth Sundarkumar | Sep 23, 2022 | China, Hong Kong
Chinese investors are buying of offshore bonds in recent months, as global yields have risen while the yuan has weakened, Bloomberg reported. Offshore debt holding via the Southbound Bond Connect trading link between mainland China and Hong Kong has tripled in three...
by Amruth Sundarkumar | Sep 22, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Chinese property developer CIFI Holdings was downgraded to BB- from BB with a negative outlook by Fitch on the reduction in its liquidity buffer and higher leverage. In 1H 2022, its liquidity deteriorated with cash resources falling 30%. Fitch estimates that...
by Amruth Sundarkumar | Sep 22, 2022 | China, Financial Institutions
China’s big-4 asset management companies (AMCs) were downgraded by S&P upon challenging operating conditions due to China’s economic slowdown, market volatility and property sector troubles. Due to this S&P sees weakened earnings prospects. The...
by Amruth Sundarkumar | Sep 21, 2022 | China, Corporates, High Yield Bonds
China’s Country Garden (COGARD) was downgraded to Ba2 from Ba1 with a negative outlook by Moody’s. This comes a day after S&P’s downgrade to BB from BB+. The Moody’s downgrade was on account of weaker than expected contracted sales and...
by Amruth Sundarkumar | Sep 21, 2022 | China, Corporates, Distressed / Defaulted Bonds
Chinese property developer Times China Holdings reported\ a 98.4% YoY fall in net profits to RMB 31.1mn ($4.4mn) for 1H 2022, on lower revenues which dipped 52.4% YoY to RMB 6.5bn ($920mn). The revenue drop was on account of the delay in construction progress caused...
