Country Garden (COGARD) is set to receive a $300mn offshore loan by ICBC in an effort that could help them repay their debt. This follows a similar move by BOC which issued an offshore loan for an unknown amount to Longfor Group. Both of these come on the back of regulators calling for big Chinese banks to ease the turmoil in the real estate market wherein these banks have pledged at least $179bn of funding to developers. Separately, Longfor Group fully redeemed its $300mn 3.9% bonds due April 2023 five months ahead of its maturity. The developer issued the bonds in January 2018. The bonds were trading at 99.125, yielding 6.5% prior to the redemption.
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