by Amruth Sundarkumar | May 3, 2023 | China, Distressed / Defaulted Bonds
KWG’s dollar bonds plummeted after the developer defaulted on its RMB 212mn ($31mn) bond principal payment that was due on Friday. The default has now led to RMB 31.2bn ($4.5bn) of its debt accelerated to be repayable on demand. KWG said it will seek agreements...
by Amruth Sundarkumar | May 2, 2023 | China, Distressed / Defaulted Bonds
Central China Real Estate (CCRE) was downgraded to RD from C upon the completion of its exchange offer and consent solicitation. As part of the exchange offer, CCRE decided to accept: $237.275mn in principal of its 7.25% April 2023s, $348.013mn of its 7.65% August...
by Amruth Sundarkumar | Apr 28, 2023 | China, Distressed / Defaulted Bonds
Representatives of Greenland Holdings have told some bondholders that the developer is in the process of remitting funds offshore to pay coupons on its 6.75% 2025s that were due March 26. The notes have a 30-day grace period before the missed coupon worth $17mn is...
by Amruth Sundarkumar | Apr 26, 2023 | China, Distressed / Defaulted Bonds
Evergrande Group said it will take over residential and property projects of its new energy vehicle (NEV) unit in an effort to make the unit attractive to creditors’ for the offshore debt restructuring deal. Evergrande will buy the projects for an initial...
by Amruth Sundarkumar | Apr 25, 2023 | China, High Yield Bonds
Dalian Wanda Group’s dollar bonds were lower by another 3-5 points yesterday. This comes on the back of a setback to its unit’s Hong Kong IPO, where sources said that the chairman Wang Jianlin highlighted difficulties in its listing. Zhuhai Wanda Commercial Management...
by Amruth Sundarkumar | Apr 24, 2023 | China, High Yield Bonds
Chinese HY dollar bonds have reversed its gains this year, after having risen 10% through January. Besides existing concerns on the overall state of the property market, the latest events have caused angst. Worries about Dalian Wanda, Sino-Ocean and Country Garden...
