by Amruth Sundarkumar | Dec 12, 2022 | China, Distressed / Defaulted Bonds
CIFI Holdings is planning to sell its entire 23.26% stake in a Hong Kong-listed property management subsidiary, CIFI Ever Sunshine Services Group to boost liquidity. The expected amount to be raised via the stake sale is not known. CIFI said that the disposal will...
by Amruth Sundarkumar | Nov 2, 2022 | China, Distressed / Defaulted Bonds
Chinese property developer CIFI Holdings said that it will suspend offshore debt payments due to its inability to raise overseas funds this year. The company had earlier defaulted on a convertible bond early last month highlighting a deeper weakness even in relatively...
by Amruth Sundarkumar | Oct 18, 2022 | China, Distressed / Defaulted Bonds
CIFI Holdings was downgraded to Ca/C from B3/Caa1 by Moody’s following its failure to promptly repay interest and amortization payments on an offshore convertible bond due on October 8. As concerns of default on its other debt obligations continue to grow, Moody’s is...
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...
by Amruth Sundarkumar | Oct 7, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Moody’s has downgraded CIFI Holdings’ issuer rating and senior unsecured rating by two notches, from B1 to B3 and B2 to Caa1 respectively, assigning them a negative outlook. The rationale for the downgrade stems mainly from the Chinese developer’s heightened...
