Evergrande Shifts Headquarters to Save Costs; Agile to Agrees to Sell 14 Properties for $439mn
China Evergrande has switched its headquarters in Shenzhen to its own property in Guangzhou in an effort to save costs. However, its registered place has not changed and is still in Shenzhen. “Returning to Guangzhou is a return home, which will help to gain more...
Modern Land (China) Misses Dollar Bond Payment
Modern Land (China) missed the dollar bond coupon and maturity payment on its $250mn 12.85% bonds due October 25. The developer is working with its legal counsel Sidley Austin and expects to engage independent financial advisors soon to assess its capital structure...
Modern Land (China) Calls off Consent Solicitation
Modern Land (China) called off its consent solicitation to extend the maturity on its 12.85% bonds due October 25 in an exchange filing. The developer stated that it “continues to experience liquidity issues” and determined that calling off the consent...
