by Amruth Sundarkumar | May 19, 2023 | China, Distressed / Defaulted Bonds, High Yield Bonds
On the back of the recent stresses in the Chinese real estate market, HSBC estimates that the high yield property sector will see $10.1bn of defaults in 2023 vs. a record $63.7bn in 2022. Beginning with owner protests against stalled projects and mortgage boycotts,...
by Amruth Sundarkumar | May 2, 2023 | China, Distressed / Defaulted Bonds
Central China Real Estate (CCRE) was downgraded to RD from C upon the completion of its exchange offer and consent solicitation. As part of the exchange offer, CCRE decided to accept: $237.275mn in principal of its 7.25% April 2023s, $348.013mn of its 7.65% August...
by Amruth Sundarkumar | Apr 20, 2023 | China, Distressed / Defaulted Bonds
Central China Real Estate (CCRE) announced the results of the exchange offer for three of its dollar bonds due this year. It will accept: $237.275mn in principal of its 7.25% April 2023s $348.013mn in principal of its 7.65% August 2023s $173.165mn in principal of its...
by Amruth Sundarkumar | Nov 17, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Central China Real Estate (CCRE) was downgraded to CCC- from CCC+ by S&P after it missed a $7.9mn coupon payment on November 7. The bond in question was its $200m 7.9% 2023s. While the developer said that it planned to make the payment within the 30-day grace...
by Amruth Sundarkumar | Nov 15, 2022 | China, High Yield Bonds
Chinese property developers saw their stocks and bonds rally on Monday following Beijing’s new 16-point relief package for the distressed sector, announced on Friday. Among the names that rallied were Longfor, Country Garden (COGARD), Agile, Central China and...
