Evergrande Hires Financial Advisers; Warns of Possible Cross-Default
China Evergrande has hired financial advisers Houlihan Lokey (China) and Admiralty Harbour Capital to assess its capital structure and liquidity and “explore all feasible solutions to ease the current liquidity issue and reach an optimal solution for all...
Huarong Reports $15.9bn Loss for 2020 In Line with Guidance; Capital Adequacy Falls
China Huarong Asset Management Co Ltd finally published results for the full year ended December 30, 2020 and the interim results for the six months ended June 30 on Sunday. The distressed asset manager reported a loss of RMB 102.9bn ($15.9bn) for 2020, in line with...
Huarong Asset Management Cut to Baa2 by Moody’s
China Huarong Asset Management Co. (Huarong AMC) has been downgraded to Baa2 from Baa1 by Moody’s following the company’s announcement last week that the net losses attributable to shareholders in 2020 are expected to be as high as RMB 102.903bn ($16bn). The rating...
Central China’s Dollar Bonds Recover Some of Last Week’s Losses
Central China Real Estate (CCRE) saw its dollar bonds recover some of the losses last week after it reported 1H earnings last Wednesday. CCRE’s 6.875% 2022s fell ~7 points between August 18-20 after the results were announced but have now recovered some of the...
