by bondevalue | Mar 10, 2021 | China, Distressed / Defaulted Bonds
Distressed Chinese property developer China Fortune Land Development (CFLD) reported debt overdue of CNY 19.4bn ($2.98bn) including bank loans, trust loans and bonds. The number is almost double that of CNY 11.1bn ($1.7bn) that they reported on February 26. CFLD is...
by bondevalue | Mar 9, 2021 | China, Distressed / Defaulted Bonds
China Fortune Land Development (CFLD) announced that its chairman Wang Wen-Xue’s stake in the company has been lowered to 27.39% from 36.02%, though he remains the controlling shareholder. As per IFR which cites an exchange filing, the reduction in his stake was...
by bondevalue | Mar 3, 2021 | China, Credit Ratings, Distressed / Defaulted Bonds
Rating agency Moody’s downgraded China Fortune Land Development (CFLD) to Caa3 from Caa1 on Tuesday and will withdraw all of the ratings following the downgrade due to lack of adequate information while keeping the outlook negative. Reasons for the downgrade include...
by bondevalue | Mar 1, 2021 | China, Distressed / Defaulted Bonds, High Yield Bonds
China Fortune Land Development (CFLD) disclosed that it had debt overdue of CNY 11.054bn ($1.7bn) as at end-February. This was CNY 5.817bn ($900mn) higher since its previous disclosure in the beginning of February, as per IFR. The amount includes interest and...
by bondevalue | Feb 22, 2021 | China, Distressed / Defaulted Bonds
Bonds of distressed Chinese property developer China Fortune Land Development (CFLD) recovered ~3% ahead of a bondholder’s meeting. CFLD said on Friday that its unit CFLD (Cayman) is expected to face short-term liquidity issues due to cash flow mismatches as...
