by Amruth Sundarkumar | Aug 10, 2022 | China, Corporates, Distressed / Defaulted Bonds
Guangzhou R&F Properties announced its delayed 2021 annual results, reporting a net loss of RMB 16.5bn ($2.4bn) for the year 2021 against a profit of RMB 9.1bn ($1.4bn) for the year 2020. The net loss is mainly attributable to the decrease in revenue from property...
by Amruth Sundarkumar | Aug 10, 2022 | China, Corporates, Distressed / Defaulted Bonds
Chinese Developer Logan Group has halted coupon payments on five of its dollar-denominated bonds maturing over the next 6 years with a combined value of $1.6bn. The bonds in question are its $400mn 6.5% 2023s, $300mn 5.75% 2025s, $300mn 4.25% 2025s, $300mn 4.7% 2026s...
by Amruth Sundarkumar | Aug 8, 2022 | China, Corporates, Distressed / Defaulted Bonds
Chinese real estate developer Seazen is said to have transferred funds late last week for the interest and principal due on its $200mn 5% dollar bond due today (August 8). An official from Seazen told Bloomberg that the funds were sent to a designated trustee account....
by Amruth Sundarkumar | Aug 5, 2022 | China, Corporates, Distressed / Defaulted Bonds
Distressed Chinese developer China Evergrande Group announced that it is set to receive RMB 5.52bn ($818mn) from the cancellation of land-use contracts linked to a football stadium. The company bought the rights in April 2020 from the Guangzhou Municipal Planning and...
by Amruth Sundarkumar | Aug 5, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
In other China real estate news, Zhenro announced that it has defaulted on another payment – $29.8mn of principal due on a note on August 3. The company added that it may not be able to pay a $13.3mn coupon on another note before its 30-day grace period ends on...
by Amruth Sundarkumar | Aug 3, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Times China has been downgraded from CCC+ to C following its failure to pay the coupon payments on its $350mn 5.75% 2027s and $500mn 6.75% 2023s, which were due on 14 July and 16 July respectively. It is currently in its 30-day grace period before it is considered to...
