Chinese Banks Bolster Lending to Property Sector in January to $94bn
Chinese banks boosted lending to the property sector in January to RMB 600bn ($94bn), double the monthly average lending seen in Q4 2021, as per the China Securities Journal citing regulatory and banking sources. According to the report, property development loans...
RiseSun’s Unit RongXingDa Files for Chapter 15; Ronshine Hires Advisers Ahead of Bond Maturity for Debt Exchange
Chinese developer RiseSun’s unit RongXingDa Development (BVI) Ltd., filed a Chapter 15 petition in the US for recognition of a foreign proceeding, according to a Monday court filing in the Southern District of New York, as per Bloomberg. RiseSun said, “The...
Shimao Seeks Buyers for Projects Valued Over $12bn
Shimao Group is seeking buyers for about 40 projects to bulk up on its liquidity position including hotels, shopping malls and serviced apartments estimated at around RMB 77.1bn ($12.1bn), as per the Post. As per sources, Shimao approached potential buyers including...
Logan and Zhenro Downgraded to Ba3 and B3 by Moody’s
Logan Group was downgraded to Ba3 from Ba2 due to weakened funding access and insufficient internal control over its contingent liabilities. Similar to Fitch’s downgrade last week to BB-, Moody’s cited the developer’s revelation of an undisclosed...
