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Aoyuan Reports 1H Earnings
China Aoyuan Group Limited reported an increase of 15% YoY in its revenue for 1H2021 to CNY 32.51bn ($5.01bn). The developer posted a net profit of CNY 2.84bn ($437.6mn) in line with the previous year. The net profit margin stood at 8.7% vs. 10.1% last year. The...
Bank of East Asia Reports Solid 75% Jump in Profits
Hong Kong-based lender Bank of East Asia (BEA) reported a strong 75% jump in net profits for the first half ended June 30 to HKD 2.67bn ($343mn). The region's largest independent and family-run bank attributed the strong earnings to declining impairment costs for bad...
Asian PE Firm Pumps $2.8bn in Wanda’s Mall Unit
According to sources, PAG’s private equity arm is close to investing approximately $2.8bn in the funding round for Dalian Wanda Group Co's commercial property management unit, almost twice the initial fundraising target. People familiar with the matter said that PAG's...
Transocean and Dolphin Make Offer for Seadrill
Offshore drilling rig contractor Transocean Ltd and Dolphin Drilling put forward a new offer to purchase Seadrill Ltd. Seadrill is seeking to restructure over $7bn of debt in exchange for handing control of the company as it seeks to emerge from bankruptcy...
Jiayuan Completes $93mn Tender Offer For Its 2022s/2023s
Chinese real estate developer Jiayuan International Group announced the completion of its tender offer for two of its dollar bonds. It has bought back $12.577mn and $80.638mn worth of its 13.75% 2022s and 13.75% 2023s at par and $1,027.95 per $1,000 in principal...
Evergrande said to be Discussing Sale of Hong Kong Headquarters for $2bn
In the latest update, China Evergrande is discussing selling its Hong Kong Wan Chai office headquarters to Yuexiu Property in an attempt to stave off a cash crunch, as per Bloomberg sources. Negotiations are still on with a potential $2bn deal though no decision has...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets reversed their early losses ending the day slightly stronger as better than expected jobless claims seemed to mitigate the taper fears after the release of FOMC minutes – S&P and Nasdaq gained 0.1% each. Most sectors ended in the green. IT and...
Huarong’s Bonds Soar Up To 10% After State-Led Capital Infusion & No Plans of Debt Restructuring
China Huarong’s dollar bonds soared up to 10% after its detailed announcement yesterday which indicated a state-led bailout and no plans of a debt restructuring, putting to end uncertainty over the bad-debt asset manager. Through the announcement, Huarong issued a...
Evergrande Asked to Resolve Debt by Regulators; In Talks with Xiaomi to Sell EV Unit Stake
China Evergrande got a slap on the wrist from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) in a rare joint public statement from the regulators released on Thursday after a meeting with Evergrande executives. The...