by Amruth Sundarkumar | Jun 27, 2022 | China, Distressed / Defaulted Bonds
In a statement on Friday evening, Sunac China came out saying that they might miss an RMB 400mn ($59.8mn) installment payment on its RMB 4bn ($598mn) onshore bond. It cited its inability to gather sufficient funds amid liquidity issues arising from China’s pandemic...
by Amruth Sundarkumar | Jun 14, 2022 | China, Distressed / Defaulted Bonds
Zhongliang Holdings completed an exchange offer for portions of its 8.5% bonds due May 2022 and 9.5% bonds due 2022. This was its second exchange offer after the developer in mid-May, completed an exchange offer for $262.17mn, or 90.47% of the May 2022s and...
by Amruth Sundarkumar | Jun 9, 2022 | China, Distressed / Defaulted Bonds
Chinese property developer Sunac has sought an extension of two years to repay its RMB 2.3bn ($345mn) bond due on 13 June as per sources. The company plans to pay only the interest component on the maturity date while the principal component of $345mn will be paid in...
by Amruth Sundarkumar | May 17, 2022 | China, Credit Ratings, Distressed / Defaulted Bonds
Sunac China made payments on a local bond, just a day after announcing a default on its dollar bond. Sources said that the developer sent initial planned payment to investors via the a trustee, under an 18-month extension agreed to by the bondholders. The bond in...
by Amruth Sundarkumar | May 12, 2022 | China, Distressed / Defaulted Bonds
Sunac China did not make a $29.5mn dollar bond coupon payment on it 7.25% 2023s on May 11, 2022. The developer said that access to new funding was, and continues to be difficult. This has been worsened in recent times by China’s Covid19 outbreak which has...
