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...
by bondevalue | Mar 29, 2021 | China, High Yield Bonds
Chinese real estate developer Yuzhou Group gave further details on its profit decline in an earnings guidance investor call on Friday. They said net income in 2020 would be about CNY 117mn ($18mn), vs. CNY 3.61bn ($550mn) in 2019, a drop of almost 96%. Further,...
