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New World Development Co., a Hong Kong real estate developer controlled by the family of tycoon Henry Cheng, is facing credit stress as it pledges $15 billion worth of assets for loan refinancing. Brokers are pulling back from financing the company's shares and bonds, leading to concerns about its ability to cope with high debt burdens. The company is offering properties like K11 Artus and New World Tower as collateral for refinancing, aiming to gain support from lenders amid challenging funding conditions. Despite stability in bond prices, New World is navigating a complex financial situation with changing loan covenants and investor uncertainties. [Extracted from the article]

New World Development Co. has offered $15 billion worth of properties as collateral for loan refinancing, reflecting the challenging funding conditions faced by the Cheng family's Hong Kong real estate empire. The company is seeking a three-year facility backed by over 20 properties to refinance $7.5 billion of unsecured loans, potentially impacting unsecured bondholders. New World's debt burden has raised concerns among investors, leading to changes in leadership and efforts to stabilize the company. Banks have relaxed loan-to-value ratios to support the property sector, and New World is working to address its debt obligations amid market uncertainties. [Extracted from the article]

New World Development Co. has offered $15 billion worth of properties as collateral for loan refinancing, reflecting the challenging funding conditions faced by the Cheng family's Hong Kong real estate empire. The company aims to secure a three-year facility backed by key properties to refinance significant unsecured loans, potentially impacting unsecured bondholders. Amidst concerns about its debt burden, New World is seeking stability through this refinancing effort, although it denies any current debt restructuring discussions. This move comes as the company faces pressure to address maturing loans and reassure investors about its financial health. [Extracted from the article]

Country Garden Holdings Co., a prominent Chinese developer, is facing challenges in gaining support from a key bondholder group for its debt restructuring plan. The group, holding over 30% of the developer's $10.4 billion outstanding notes, is not in agreement with the proposed terms, leading to a slowdown in discussions. The company's struggles reflect the broader property crisis in China, with declining sales and debt defaults impacting its operations. Despite efforts to reach an understanding with banks on a new proposal, Country Garden still needs broader creditor support for its restructuring plans. [Extracted from the article]

Chinese developers Sunac China Holdings Ltd. and Logan Group Co. are planning to overhaul their local debt, focusing on restructuring their debt with domestic creditors rather than global creditors. The companies aim to present their debt proposals, which include options such as maturity extensions and issuance of new debt, in the coming months. This shift in focus marks progress in a sector where restructuring efforts have primarily targeted overseas bondholders and lenders. The proposed restructuring plans would provide more transparency, certainty, and enforceability for local creditors and could help the companies deliver delayed housing projects and potentially survive the property crisis. [Extracted from the article]

Chinese developers Sunac China Holdings Ltd. and Logan Group Co. are working on plans to restructure their local debt, focusing on domestic creditors rather than global ones. The companies aim to present their proposals in the coming months, which may include options such as extending maturity dates and issuing new debt to replace existing borrowings. This shift in focus marks progress in a sector where restructuring efforts have primarily targeted overseas bondholders and lenders. The developers are working with domestic investment banks to finalize the details of their plans. [Extracted from the article]

Singapore property developer Oxley Holdings Ltd is seeking a private credit loan of $100 million to $120 million to help repay a Singapore dollar bond due next month. The loan would have a tenor of two years and would be backed by Oxley's property projects in Kuala Lumpur and London. The company plans to use part of the loan proceeds to repay its Singapore dollar-denominated bond. Oxley has reported a total of S$48.9 million in cash and cash equivalents and total current liabilities of S$1.4 billion as of December 31, 2023. The property sector in Singapore has slowed due to weaker economic growth and government interventions. Oxley has completed over 40 projects in multiple countries since its establishment in 2010. [Extracted from the article]

Chinese developer Logan Group Co. is facing a crucial stage in its $8 billion offshore restructuring as it has three months to pay or refinance a loan for a luxury home project in Hong Kong. Private debt holders are concerned about the risk and have not received finalized terms from Logan. The loan, which is not included in Logan's restructuring plan, is a HK$10.2 billion syndicated facility that matures in August. If Logan fails to pay or refinance the loan, lenders could seize the project and jeopardize the restructuring plan. [Extracted from the article]

Chinese developer Logan Group Co. is facing a crucial stage in its $8 billion offshore restructuring, as it has three months to pay or refinance a loan for a luxury home project in Hong Kong. Holders of private debt issued by Logan have expressed concerns about the risk and have not received finalized terms for the restructuring. Logan has engaged JPMorgan Chase & Co. to arrange a refinancing, but a deal has not been finalized. The project, co-developed by Logan and KWG Group Holdings Ltd., has been at the center of Logan's restructuring, but prices of some units have been reduced by over 40% from original asking prices. If Logan and KWG fail to pay the loan or refinance, creditors could seize the project and the developers would lose control of the funds intended to pay creditors. Logan already has support from over 90% of public bondholders for its restructuring plan, but it also needs sufficient backing from holders of private debt. The offshore debt plan involves publicly issued dollar bonds, private debt, and a shareholder loan, while onshore debt has also posed challenges. Logan's dollar bonds have been falling in contrast to gains in other property securities. [Extracted from the article]

Stress in China's credit market appears to be easing as major property developers and a car dealer have revealed their plans to repay maturing debt. China Vanke Co. has briefed creditors on its repayment plans for three offshore bonds worth $1.4 billion, while Longfor Group Holdings Ltd. will sell new bonds and secure more loans to meet refinancing needs. China Grand Automotive Services Group Co. has pledged to pay a dollar note maturing this month. This news offers relief to investors and comes as a Bloomberg gauge of Chinese junk dollar bonds is on track for a five-month winning streak. [Extracted from the article]