Zhenro Properties’ perpetual bond will be suspended from trading after the builder said that it did not redeem the perp as planned, following a 10-day grace period. Earlier this week, Zhenro said that it received sufficient bondholder support for a proposed debt exchange and waiver of default claims from not redeeming the perp on March 5. In a more recent Wednesday filing, Zhenro said that the nonpayment did not trigger cross-defaults and that the waiver is poised to become effective after March 28.
Country Garden (COGARD) said that it has wired RMB 620mn ($mn) to the clearing house three weeks before the due day to repay the coupon and principal on its 5.03% yuan denominated bond. It added that it mobilized its own funds and that its operational situation was in good condition. Shimao Group said that its unit Shanghai Shimao Co., transferred funds to fully repay an RMB 950 mn ($mn) 4.64% bond due March 21.
