Chinese real estate developer Seazen is said to have transferred funds late last week for the interest and principal due on its $200mn 5% dollar bond due today (August 8). An official from Seazen told Bloomberg that the funds were sent to a designated trustee account. The next offshore bond due for the developer is a $200mn 4.25% bond due on 22 September, which is currently trading at 94 cents on the dollar.
In other news from China real estate, state-backed Sino-Ocean is said to be in discussions with holders of an RMB 1bn ($148mn) bond issued by an affiliate Sino-Ocean Capital about potential repayment demands, as noteholders have an option to seek early repayment next month. As per Bloomberg, a Sino-Ocean representative said that it did not provide any guarantee for the Sino-Ocean Capital bonds. The parent indirectly owns 49% of the affiliate. The developer’s bonds took a beating last week, with bonds due 2024 and beyond now at 20-30 cents on the dollar.
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