by Amruth Sundarkumar | May 19, 2023 | China, Distressed / Defaulted Bonds, High Yield Bonds
On the back of the recent stresses in the Chinese real estate market, HSBC estimates that the high yield property sector will see $10.1bn of defaults in 2023 vs. a record $63.7bn in 2022. Beginning with owner protests against stalled projects and mortgage boycotts,...
by Amruth Sundarkumar | May 15, 2023 | China, Distressed / Defaulted Bonds
KWG Group has missed a $119mn payment on its 6% dollar bonds due January 2024. The developer noted that it missed the payment that included 15% of the principal, and the accrued/unpaid interest, due May 14. KWG has not yet received any acceleration notice from...
by Amruth Sundarkumar | May 3, 2023 | China, Distressed / Defaulted Bonds
KWG’s dollar bonds plummeted after the developer defaulted on its RMB 212mn ($31mn) bond principal payment that was due on Friday. The default has now led to RMB 31.2bn ($4.5bn) of its debt accelerated to be repayable on demand. KWG said it will seek agreements...
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 | Jan 5, 2023 | China, High Yield Bonds
Dollar bonds of Country Garden, Sino-Ocean, Agile, KWG, China Jinmao and several others rallied yesterday by over 5%. China is planning measures to further ease liquidity stresses at some of its ‘too-big-to-fail’ developers. Recently, the Financial...
