Xinyuan Real Estate Downgraded to C by Fitch on Distressed Debt Exchange
China’s Xinyuan Real Estate and its senior unsecured notes were downgraded to C from CCC by Fitch. The downgrade is on account of Xinyuan’s exchange offer last week for its $229mn 14.2% bonds due October 15, 2021 for new bonds due 2023, which Fitch...
Xinyuan Real Estate Calls for Exchange Offer
Xinyuan Real Estate said it will hold calls to update bondholders on an exchange offer and consent solicitation regarding its outstanding $229mn 14.2% bonds due October 15 2021. There are two options under the exchange offer: Option 1: Bondholders would receive $60 in...
Other Chinese Developers’ Dollar Bonds Move Further Lower
Dollar bonds of Chinese HY developers dropped again yesterday. Besides Evergrande, Fantasia and Sunac, those of Kaisa, Greenland Holdings, Golden Wheel Tiandi and Xinyuan Real Estate fell 3-4% as concerns over the property market continues to weigh on these bonds....
