China Fortune Land Development (CFLD) said that it successfully restructured more than 80% of its RMB 219bn ($31.7bn) debt and returned to profitability after two years of a liquidity crisis. Reflecting the debt restructuring progress, CFLD net profits of RMB 1.6bn ($230mn) in 2022, vs. a net loss of RMB 39bn ($5.7bn) in 2021. CFLD defaulted on its debt in February 2021 and was among the first to fall in the Chinese property sector. CFLD had proposed to restructure all of its 11 dollar bonds via three new bonds and a cash repayment of 2.8%. To view the details of its debt restructuring, click here.

Its dollar bonds are trading at ~15 cents on the dollar.

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