Country Garden completed a buyback of $1.6mn of its 4.75% July 2022s and $8mn of its 4.75% January 2023s since December 30, 2021. Total repurchases of its 2022s, 2023s and 2026s stand at $45.7mn thus far. COGARD said that it will continue to repurchase its bonds “as and when appropriate”.

Logan Group’s unit has signed an agreement to sell 100% stake in a real estate company together with its shareholder loans to a unit of China Overseas Grand Oceans Group for RMB 1.02bn ($160mn). The unit is a subsidiary of Shenzhen Logan Holdings, which expects to earn 51% of the consideration after tax. Separately, Logan was downgraded to CCC from B+ by Fitch due to a “low margin of safety in its liquidity and increasing refinancing risks”.

Sunac’s onshore unit got 99.96% of bondholders’ approval to add an April 1, 2023 put-option date to its RMB 4bn ($630mn) bond due 2024. The bond currently has a put option on April 1, 2022 that continues to remain in effect.

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