by Amruth Sundarkumar | Jun 6, 2022 | China, Distressed / Defaulted Bonds
Modern Land China filed for Chapter 15 bankruptcy in New York on Friday, a move that allows the company to protect its US assets while implementing a restructuring elsewhere. This comes after the developer failed to repay a $250mn bond due in October 2021 and said it...
by Amruth Sundarkumar | Jun 3, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Chinese property developer Yuzhou Group Holdings was downgraded to Ca from Caa2 by Moody’s with a negative outlook. Yuzhou missed the coupon payments on several bonds after the expiration of the grace period in March 2022. The company has weak liquidity and limited...
by Amruth Sundarkumar | Jun 3, 2022 | China, High Yield Bonds
After meeting less than 30% of their annual sales target as of May, Chinese real estate developers are expected to ramp up project launches in the third quarter of 2022, while maintaining attractive prices, SCMP notes. This arises from the news that revenues at the...
by Amruth Sundarkumar | Jun 2, 2022 | China, Distressed / Defaulted Bonds
Greenland Hong Kong plans to repay its 9.625% dollar bond due June 3, according to sources. Bloomberg reports that the repayment plan follows the unit’s repurchase of 12% of the bonds when prices were at a “sizable discount to face value, helping it save money...
by Amruth Sundarkumar | Jun 1, 2022 | China, High Yield Bonds
Dollar bonds of China South City dropped by 7-9 points on Tuesday over continued concerns regarding the Chinese property sector. While there is no specific news on the developer, the fall in bond prices come after its peer Greenland Holding saw its dollar bonds drop...
by Amruth Sundarkumar | Jun 1, 2022 | China, Distressed / Defaulted Bonds
Chinese property developer Zhongliang Holdings Group seeks to exchange any or all of its remaining $27.63mn 8.5% bonds due May 2022 and its $71.17mn bonds due July 2022, according to an HKEX filing. In mid-May, the company completed an exchange offer for $262.17mn, or...
