Distressed Chinese property developer China Fortune Land Development (CFLD) reported that its overdue debt has increased by CNY 6.8bn ($1bn), citing adverse macroeconomic, industry and credit conditions, according to a notice on the Shanghai Clearing House. This brings their total overdue debt to CNY 63.6bn ($10bn), over 3 times higher than that reported earlier in March this year. The company is currently coordinating with financial institutions involved for an extension on its overdue debt repayment and is developing a comprehensive risk mitigation plan under the guidance and support of the local government.
CFLD’s 7.125% 2022s and 8.05% 2025s are currently trading at 38.25 and 38, yielding 176% and 44% respectively.
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