Bondholders of China South City agreed to amendment on five of its dollar bonds after it launched a consent solicitation in mid-June. It had sought to revise terms concerning “permitted bondholders” and the “change of control” on its 11.5% 2022s, 10.875% 2022s, 7.25% 2022s, 11.95% 2023s and 10.75% 2023s. This comes after Shenzhen SEZ Construction and Development Group became its controlling shareholder in early-January after a $245mn equity bailout. The company said it had obtained support from the vast majority of bondholders. Holders that agreed to the amendments will receive $0.5 for each $1,000 in principal.

China South City’s dollar bonds were trading stable at 73-77 cents on the dollar.

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