Chinese property developer Xinyuan Real Estate saw their dollar bonds fall ~10% late on Wednesday as the company delayed their earnings release. Xinyuan noted that the delay was due to the company’s Audit Committee and advisors conducting an independent review of certain transactions to assess their potential impact on the Xinyuan’s 2020 financial statements. Unless the review is completed, Xinyuan would not be able to file its Annual Report. This led to panic among investors, given that Huarong too had delayed its annual report release last month leading to a massive selloff in its bonds.
Xinyuan’s 14% 2024s are down 17.7 cents to 80.97 cents a dollar today. Its 14.5% 2023s and 14.2% 2021s fell 13% and 9% yesterday to close at 82 and 87.
