Country Garden’s (COGARD) dollar bonds were up by 7-13% over the last week with the developer receiving a combined $927mn. It secured ~HKD 5.1bn ($647mn) in the form of an interest-free loan from Concrete Win Limited, wholly-owned by Yang Huiyan, the co-chairman of COGARD. This unsecured loan has an initial term of just over three years and may be extended by both parties was taken “to support the operation and development of the Group”. COGARD also raised $280mn in financing from ICBC (Asia) with term of 36 months – a dual-tranche term loan facility denominated in HKD and USD. The company’s bonds have been trending higher since November when China’s measures for easing stresses in the sector were initiated. In the beginning of November, its dollar bonds were trading at ~11 cents on the dollar and are currently at over 52 cents on the dollar.

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