Aoyuan Warns of Liquidity Crunch Regarding $651mn Debt
China Aoyuan is the latest Chinese developer to warn of a liquidity crunch as creditors demanded repayment $651.2mn due to a wave of rating downgrades last month. Aoyuan said on Thursday that there was no guarantee it would be able to fulfill its financial obligations...
China Real Estate Updates – November Sales, Yuzhou’s Loan, Aoyuan’s Sale, Zhenro’s Buyback
Contracted sales across the top 100 Chinese developers in November dropped 38% YoY to RMB 751mn ($118mn). It was also a 32% MoM drop as per data from research firm China Real Estate Information. Yuzhou Group (B3/-/B-) has pledged its Shenzhen headquarters building as...
Aoyuan Downgraded Second Time in the Week by Fitch to CCC-
China Aoyuan has been downgraded for the second time this week by Fitch to CCC- from B-. Fitch said that the downgrade reflects the diminishing likelihood of Aoyuan refinancing its $500mn 8.5% bonds due January 2022 and $188mn 4.2% bonds due January 2022. This comes...
