A group of Kaisa Group bondholders sent the property developer a formal forbearance proposal, which may buy some time and help it avoid a default on $400 million dollar bonds due Tuesday.
None Sand and Soldiers Mix as Troops Move In to Protect Cancun Tourists, Despite the fact that Troops move In to protect Cancun Tourists.
None Even in the Metaverse, Not All Identities Are Created Equal.
The Relentless Demand for Chips in Malaysia is No The World's Relentless.
None Meet the New Climate Refugee in Town: Coyotes
Shares in China's real estate companies went up after policymakers tried to expand support for the economy as a property market downturn threatens to hamper growth into next year.
People familiar with the matter said that China Evergrande Group is planning to include all its offshore public bonds and private debt obligations in a restructuring that may rank among China's biggest. The company plans to engage with offshore creditors on a restructuring, as grace periods on two dollar bond payments were due to end on Monday. Its bond due March 2022 was largely unchanged, with the note due March 2022 at 23 cents on the dollar, while its bond due 2025 stood at 18.8 cents, according to Bloomberg-compiled prices. The shares rose by 8.3%, the biggest jump in two weeks.
None Shimao Says It Will Raise Net HK $1.17 b in Top-Up Placement
China Property Stocks Surge as policy makers shift towards Easing 11: 40 a.m. HK Shares of China's real-estate developers jumped after policy makers moved to expand support for the economy as a property-market downturn threatens to hamper growth into next year.
A Bloomberg gauge of Chinese developers rose by 3.2% to its highest since Nov. 19 after President Xi Jinping oversaw a Politburo meeting on Monday that ended with a signal of an easing of restrictions on real estate. The People's Bank of China is going to reduce the reserve requirement ratio by 0.5 percentage point next week, releasing 1.2 trillion yuan $188 billion of liquidity.
Credit traders believe that China High-Yield Dollar Bonds are on track for the first gain in a week 10: 28 a.m. HK Chinese high-yield dollar bonds rose by as much as 2 cents on the dollar Tuesday morning on signs of possible easing.
The notes are on track for the first gain in a week after a 0.2 cent drop Monday, according to a Bloomberg index.
The Logan Group sold 172 million new shares at HK $6.80 each, a 9.9% discount from their last close on Monday, raising the price of HK $1.17 billion $150 million. The proceeds are earmarked for project investments and general working capital purposes.
Shimao Group raised $1.17 billion from the sale of 145 million shares at HK $8.14 each to raise funds for debt repayments and general purposes. The offer price is about 8.5% less than the last close of HK $8.90.
Kaisa Fails to Deliver Flats, Pay Wages in Guangzhou: CCTV 8: 26 a.m. HK Kaisa is unable to deliver residential projects to buyers and fails to pay salaries to some workers in Guangzhou, state broadcaster CCTV reported.
About eight projects have been halted, citing the workers, according to CCTV reports.
Guangzhou R&F to sell stake in properties to Blackstone Funds 7: 39 a.m. HK Guangzhou R&F Properties agreed to sell its stake in properties in Guangzhou International Airport R&F Integrated Logistics Park to an investment company affiliated with Blackstone.
The Blackstone-affiliated funds owned a 70% stake in the properties, while Guangzhou R&F had 30% before the transaction.
The report said that in 50 Chinese cities, second-hand home transaction volume saw a 2% increase in November from the previous month.
Watch China Developers as Policy Makers Shift Toward Easing 6: 51 a.m. HK China s property stocks may move after policy makers moved to expand support for the economy as a property-market downturn threatens to hamper growth into next year.
President Xi Jinping oversaw a meeting of the Politburo of the Communist Party on Monday, which concluded with a signal of an easing of the curbs on real estate.
The People's Bank of China is going to reduce the reserve requirement ratio by 0.5 percentage point next week, releasing 1.2 trillion yuan $188 billion of liquidity.
A group of bondholders of the Kaisa Group sent the company a formal forbearance proposal designed to buy the beleaguered property developer some time and avoid a default.
The creditor group, which is advised by Lazard Ltd., sent the offer to Kaisa on Monday evening in Hong Kong, according to two people familiar with the matter. Kaisa didn't say anything about the proposal.
The board of the property developer has set up a risk management committee in view of the financial and operational challenges it is facing.
The panel has seven members, led by Chairman Hui Ka Yan, and five people from outside Evergrande : Liu Zhihong, Zhao Limin, Li Feng, Chen Yong and Hao Han. None The Fall of a Russian Cyberexecutive Who Went Against the Kremlin