Zhenro Properties plans to sell assets worth up to RMB 4bn ($632.7mn) in H2 2021 and extend maturity of other onshore and offshore debt, including debt bank loans and asset-backed securities (Term of the Day, explained below), as per three sources. The developer is already asking holders of its $200mn 14.724% Perp callable on March 5 to waive claims against the company if it does not redeem the bond. It is also seeking to extend the maturity of five bonds due 2022 that have a total amount outstanding of $1.05bn to be exchanged for new 8% bonds due March 6, 2023. Zhenro is said to be in talks with state-owned firms to sell the assets.
Zhenro’s dollar bonds are trading at distressed levels of 12-16 cents on the dollar.
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