Central China Real Estate (CCRE) said that it remitted RMB 3bn ($469mn) for the redemption of its 6.75% bonds due November 8, 2021. The property developer had repurchased $36.78 of the bonds in the last two months. The company was downgraded by Moody’s just over a week ago to B1 from Ba3 on the back of weakened funding access, reduced operational flexibility. US dollar bonds made up 65% of CCRE’s total debt as of end-June 2021. Fitch however notes that maturities are spread out in November 2021, August 2022 and April 2023 onwards.
CCRE’s 6.75% 2021s jumped 2.8 points to 97.23 cents on the dollar.
