by Amruth Sundarkumar | Jan 3, 2023 | China, Distressed / Defaulted Bonds
China Evergrande delayed releasing its restructuring plan yet again, after having missed its self-imposed deadline of end-2022. The developer is currently facing a winding-up lawsuit in Hong Kong which it cited as one of the reasons for delaying its overhaul plans...
by Amruth Sundarkumar | Dec 21, 2022 | China, High Yield Bonds
Sino-Ocean received an RMB 50bn ($7bn) credit line from ICBC on December 15. This comes as a positive update after China’s measures to ease financial stress on developers where ICBC said it would provide RMB 655bn ($91.5bn) in credit lines to 12 developers, of...
by Amruth Sundarkumar | Dec 20, 2022 | China, Distressed / Defaulted Bonds
Times China missed paying the coupon on its 5.55% 2024s that was due on December 4. While it has not yet paid the coupon, it noted that an “Event of Default” will only occur once the grace period of 30 consecutive days since the payment date expires. Its...
by Amruth Sundarkumar | Dec 20, 2022 | China, High Yield Bonds
KWG issued 235mn new shares at HK$2.01/share in a top-up placement, raising ~ HKD 467mn ($60mn). The shares were issued at a 14.8% discount to its closing price on Friday of HKD 2.36/share. Proceeds to be used for for refinancing existing debt and general corporate...
by Amruth Sundarkumar | Dec 19, 2022 | China, High Yield Bonds
China South City sold about 70% of its stake in a unit holding projects in the central city of Xi’an for $717mn. Proceeds from the sale will be used for working capital and repayment of RMB 2.86bn ($400mn) of shareholders’ loans it provided, thus helping...
by Amruth Sundarkumar | Dec 14, 2022 | China, Distressed / Defaulted Bonds, High Yield Bonds
Dollar bonds of Chinese property developers broadly continue to rally with the likes of Road King, Country Garden, Sino-Ocean and others up ~50% since end-November after the array of easing measures taken by Chinese policymakers and regulators. Separately, R&F...
