by Amruth Sundarkumar | Nov 10, 2022 | China, Distressed / Defaulted Bonds, High Yield Bonds
Chinese developer Longfor Group’s dollar bonds rallied after the firm announced the early redemption of its 3.9% bond due April 2023. The news is a welcome positive development at a time when defaults have been on the rise across dollar bonds in the real estate...
by Amruth Sundarkumar | Sep 30, 2022 | China, Corporates, Credit Ratings, Distressed / Defaulted Bonds
Chinese property developer Zhenro Properties was downgraded to Ca from Caa2 with a negative outlook by Moody’s. The company has missed interest payments on some of its offshore bonds reflecting a weak liquidity situation and constrained financial flexibility. Moody’s...
by Amruth Sundarkumar | Aug 19, 2022 | China, Corporates, High Yield Bonds
Chinese property developer Country Garden (COGARD) said that it expects a 70% net profit dip to RMB 4.5-5.0bn ($660-740mn) in 1H 2022. Last year, the company posted a profit of RMB 15.2bn ($2.2bn) in 1H 2021. A tough business environment, financial stress in the real...
by Amruth Sundarkumar | Aug 16, 2022 | China, Corporates, High Yield Bonds
Chinese property developers Zhenro Properties and Central China Real Estate (CCRE) issued a profit warning on Monday. Zhenro in its exchange filing said that it expects to report a loss of RMB 2.5-3.0bn ($368-442mn) for the six months ending 30 June 2022. This...
by Amruth Sundarkumar | Aug 5, 2022 | China, Corporates, Distressed / Defaulted Bonds, High Yield Bonds
In other China real estate news, Zhenro announced that it has defaulted on another payment – $29.8mn of principal due on a note on August 3. The company added that it may not be able to pay a $13.3mn coupon on another note before its 30-day grace period ends on...
