by Amruth Sundarkumar | Nov 10, 2022 | China, Distressed / Defaulted Bonds, High Yield Bonds
Chinese developer Longfor Group’s dollar bonds rallied after the firm announced the early redemption of its 3.9% bond due April 2023. The news is a welcome positive development at a time when defaults have been on the rise across dollar bonds in the real estate...
by Amruth Sundarkumar | Nov 1, 2022 | China, Investment Grade Bonds
Dollar bonds of Chinese property developer Longfor Group fell by over 5 points with the resignation by the founder and chairwoman, Wu Yajun. The billionaire businesswoman cited health and age reasons, with the resignation coming at a time when investors’...
by Amruth Sundarkumar | Oct 19, 2022 | China, High Yield Bonds
China’s Ministry of Finance said that government-backed entities would be strictly prohibited from purchasing land by raising debt, calling it a “sham”. Tommy Wu, senior China economist with Commerzbank said that the move targets “those state-owned...
by Amruth Sundarkumar | Sep 30, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Dollar bonds of Country Garden (COGARD) fell as much as 10 points while those of others, including Sino-Ocean, Longfor and Seazen, dropped around 6 points after news that CIFI Holdings defaulted on an onshore trust loan. These developers are considered among the more...
by Amruth Sundarkumar | Aug 31, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
Country Garden (COGARD) reported a record 96% YoY drop in its net profits to RMB 612mn ($88mn) 1H 2022. The developer’s revenue dropped 31% YoY to RMB 162bn ($23mn). The Chinese property developer had warned of a sharp drop in its profits in mid-August. Its...
