Greenland Holdings’ Dollar Bonds Rally after Q3 Results
Dollar bonds of Greenland Holdings rallied 3-6% after the property developer reported Q3 results. While net income stood at RMB 2.93bn ($460mn), down 27% YoY, its revenues rose 30% to RMB 144.1bn ($22.6bn). Greenland said it will soon meet the second regulatory debt...
Kaisa, R&F, Greenland Downgraded by Moody’s
Kaisa Group was downgraded to B2 from B1. The downgrade was on account of weakening liquidity which would increase refinancing risk over the next 6-12 months and a large debt maturity of $3.2bn in offshore bonds by end-2022. Its “modest credit metrics; high...
Greenland Downgraded to B+ by S&P on Impaired Funding and Weak Operating Conditions
Greenland Holding was downgraded two notches to B+ from BB and its senior unsecured notes to B from BB- by S&P. They also downgraded its subsidiary Greenland Hong Kong Holdings Ltd. to B from BB- with a negative outlook. The downgrade comes on the back of its...
