by Arundhati Behera | Mar 8, 2023 | China, High Yield Bonds
China SCE’s dollar bonds were up by over 5% across the curve. China SCE reported a contracted sales data drop of 10% YoY in February to RMB 3.81bn ($550mn). Contracted sales last month registered a slower drop than the preceding year’s period and also...
by Amruth Sundarkumar | Feb 20, 2023 | China, Credit Ratings, Distressed / Defaulted Bonds
China SCE was downgraded to B3 from B2 by Moody’s on the back of its “deteriorating liquidity in view of its sizable debt maturities over the next 12-18 months”. Moody’s expects China SCE’s contracted sales to fall 10% YoY in 2023 after...
by Amruth Sundarkumar | Jan 9, 2023 | China, High Yield Bonds
Dollar bonds of Greenland Holding rose by over 15% on Friday. The company reached an agreement with Minyoun Hospitality to sell a 52% stake in its hotel management unit for RMB 624mn ($92mn). Greenland’ hotel management unit is currently held via its fintech...
by Amruth Sundarkumar | Dec 6, 2022 | China, High Yield Bonds
Some dollar bonds of Country Garden (COGARD), Seazen and China SCE jumped by over 20% yesterday, continuing the rally witnessed last week. The upmove comes on the back of a string of relief measures from Beijing to help the property sector: This began with a 16-point...
by Amruth Sundarkumar | Oct 14, 2022 | China, High Yield Bonds
Chinese real estate developer CIFI Holdings defaulted on its HK$ 2.5bn ($318mn) convertible bond due in 2025. The payment was due on October 8 (payable on October 10) but bondholders failed to receive it, as per SCMP. CIFI later confirmed that it missed the payment in...
