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Country Garden’s (COGARD) and Sino-Ocean’s dollar bonds were up by 1.5-2 points across the curve after sources noted that they were included on China’s draft list of 50 developers eligible for financing support. They noted that the list also included CIFI Holdings. The details regarding the exact funding plan are not yet known. Nomura in a research note said that the government would in due course “rescue some major troubled developers and fill the vast funding gap for building and delivering those presold homes”. The above developers have defaulted on their dollar bonds and details regarding the next steps including restructuring are awaited.
While their dollar bonds were up 1.5-2 points, they continue to trade at deeply distressed levels of 6-7 cents on the dollar.
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