by Amruth Sundarkumar | May 5, 2023 | China, Distressed / Defaulted Bonds
China Fortune Land Development (CFLD) said that it successfully restructured more than 80% of its RMB 219bn ($31.7bn) debt and returned to profitability after two years of a liquidity crisis. Reflecting the debt restructuring progress, CFLD net profits of RMB 1.6bn...
by Amruth Sundarkumar | Sep 22, 2022 | Financial News
China Fortune Land Development’s (CFLD) debt restructuring plan for its offshore bonds has been met with resistance from its creditors. Advisers of an ad-hoc bondholder group of CFLD’s dollar bonds have planned a conference call for all creditors later...
by Amruth Sundarkumar | Oct 1, 2021 | China, Distressed / Defaulted Bonds
China Fortune Land Development (CFLD) proposed a debt restructuring plan to deal with RMB 270bn ($41.7bn) of debt via asset sales, debt-to-equity swaps and business divestitures, as per Caixin Global. As per the plan, CFLD will repay RMB 219.2bn ($34bn) of debt...
by Amruth Sundarkumar | Sep 27, 2021 | China, Distressed / Defaulted Bonds
Distressed Chinese real estate developer China Fortune Land Development (CFLD) saw its dollar bonds jump this morning following the company’s announcement that it is working on a risk mitigation plan. In an exchange filing, CFLD called for a 5 day trading halt...
by Amruth Sundarkumar | Jun 17, 2021 | China, Distressed / Defaulted Bonds
Bloomberg reported that developer Shenzhen Parkland acquired 100% of China Fortune Land’s (CFLD) Shenzhen unit, which had a registered capital of CNY 100mn ($16mn). CFLD recently revealed overdue debt of $10bn, 3x that of their reported March numbers....
