Zhenro Defaults After Missing Two Dollar Bond Coupons after Grace Period; Fantasia to Review Debt With Govt-Backed Firm
China’s Zhenro Properties said that it did not pay a combined $20.4mn in coupons on two dollar bonds, thereby resulting in a default. The notes in question are its new 8.35% 2024s & 7.1% 2024s for which $8.35mn and $12.07mn were due and payable on March 10,...
Zhenro Reports Soft Earnings
Zhenro Properties reported its audited annual 2021 results. A summary is given below: 31% YoY decrease in core profit to RMB 2.3bn ($360mn) Revenue increased 2.4% YoY to RMB 37bn ($5.8bn) Contracted sales stood at RMB 145.6bn ($22.9bn), representing a 2.6% YoY...
Agile Downgraded to B2 by Moody’s; Zhenro Cut to RD by Fitch
Agile Group was downgraded to B2 from B1 by Moody’s on the back of increased refinancing uncertainty and governance risks. This comes after Agile announced that it will not publish its audited financials by 31 March, and expects to do so by May 15. This impacts...
