Chinese property developer Logan Group dismissed reports that the company was planning to change its auditor as “sheer rumor”. Its dollar bonds picked up slightly after the announcement, having traded weak earlier this week amid a downgrade by Fitch to BB. Its 7% Perp was up 0.7 points to 63.8 cents on the dollar.
Yango Group’s bondholders approved the extension of a RMB 40mn ($6.3mn) coupon payment on its local currency 6.92% bond due 2025 by six months, as per Reuters sources. In related news, Yango said that Taikang Life Insurance Co. plans to cut its stake in the developer by selling up to 165.17mn shares or 3.99% in six months. Yango’s Justice’s dollar bonds were flat at around 20 cents on the dollar while Yango Cayman’s dollar bonds were slightly lower at 10-11 cents on the dollar.
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