Chinese property tycoon Yang Huiyan, the co-chairman of Country Garden Holdings is planning to raise about $650mn by exiting some of her stake in the developer’s services unit Country Garden Services Holdings Co. Yang Huiyan’s investment vehicle is offering shares in Country Garden Services at a fixed price of HKD 21.33/share, a 10.9% discount to its closing price on Friday. COGARD’s dollar bonds were trading higher by over 1 point at ~45-55 cents on the dollar across its 2025s-2031s.
Separately, Bank of China, has offered offshore loans to Longfor Group as part of the regulator’s calls to help developers repay their debts, announced last week. Earlier last week, Chinese regulators had asked Bank of China, CCB, ICBC and AgBank of China to issue offshore loans to help developers repay overseas debts. Longfor’s dollar bonds were unchanged at 78-79 cents on the dollar.
