by Amruth Sundarkumar | Jun 2, 2021 | China, High Yield Bonds
Evergrande’s (B2/B+/B) dollar bonds continued to slide, this time pulling bonds of peers Yuzhou (B2/B+) and Central Plaza/Beijing Capital (Ba3/BB+/BB) along. Evergrande’s 12% 2024s were down over 4% to 88 cents on the dollar continuing the decline since news of the...
by bondevalue | Apr 8, 2021 | China, Credit Ratings, High Yield Bonds
Fitch Ratings downgraded Yuzhou to B+ from BB- keeping a stable outlook. The downgrade was driven by weaker-than-expected revenue recognition in 2020. Fitch cited slower revenues, weaker profitability and a small land bank as downsides. While Yuzhou reported total...
by bondevalue | Apr 1, 2021 | China, High Yield Bonds
Chinese real estate developer Yuzhou Group Holdings announced that it has bought back some of its bonds and shares from the open market in a bid to instill some confidence in investors. This comes after its stock and bonds took a beating post a profit warning and...
by bondevalue | Mar 31, 2021 | China, High Yield Bonds
Yuzhou reported net income at CNY 117mn ($18mn) and revenues of CNY 10.4bn ($1.6bn) for 2020, down 97% and 55% YoY in line with the warning by the real estate developer last week. While revenues fell, contracted sales hit a record high in 2020 , up ~40% YoY to CNY...
by bondevalue | Mar 30, 2021 | China, High Yield Bonds
Dollar bonds from Chinese real estate developer Yuzhou Group recovered slightly after bond prices plummeted late last week following the release of its earnings guidance leading to a credit rating downgrade. The company will release its earnings later today. The...
