Search

China Fortune Land Development Co., a major Chinese builder, is considering a new court-supervised debt restructuring plan to address its ongoing debt issues, potentially scrapping a previous creditor-approved plan. This move reflects the challenges faced by distressed developers in China as the property downturn continues into its fifth year. Court-supervised restructurings for property developers are uncommon in China, with Jinke Properties Group Co. being one of the few to pursue such a plan, offering a potential roadmap for China Fortune Land's restructuring efforts. [Extracted from the article]

China Fortune Land Development Co. is considering a court-supervised debt restructuring in China, potentially replacing a previous plan approved by creditors. This move is part of the company's ongoing efforts to reduce its debt through unconventional means. Court-supervised restructurings for property developers in China are uncommon, but Jinke Properties Group Co. has pursued a similar plan with positive results. China Fortune Land has not achieved its debt reduction goals under previous plans and is exploring new options to address its financial challenges. [Extracted from the article]

Chinese developer Jinke Properties Group Co. is planning to release a court-supervised onshore debt restructuring in the coming weeks, making it the first major builder to do so since China's property crisis began. The plan involves cash payments to bondholders, debt-to-equity swaps, and trust products to repay the debt. If successful, this restructuring could set a precedent for other struggling companies in the industry. Jinke has selected two local firms to assist with the restructuring, following previous financial challenges and missed payments. [Extracted from the article]

China Fortune Land Development Co., a major Chinese real estate developer, is attempting to resolve its debt by purchasing bonds at deeply discounted prices and then canceling them. This approach could serve as a model for other struggling real estate companies in China. Many developers have defaulted on their bonds due to weak property sales and falling home prices, making it difficult for them to compensate investors. China Fortune Land's actions come as the country's property crisis has left over $140 billion of real estate bonds in default. [Extracted from the article]

Ashmore Group Plc, an emerging markets-focused asset manager, has fully divested its investment in China Evergrande Group's offshore debt. The decision to sell its holdings came after Evergrande's restructuring plan was delayed and its chairman was detained. Ashmore had previously purchased Evergrande's dollar bonds when other investors were reducing their exposure. The price of Evergrande's bonds has since plummeted, and Ashmore's assets under management have declined due to outflows and poor performance. [Extracted from the article]

Chinese property developer Sino-Ocean Group Holding Ltd. is reportedly planning to extend all of its local yuan bonds, including pushing back the maturities of four notes by up to 30 months. This move highlights the ongoing real estate debt crisis in China and suggests that the debt risk may spread beyond the private sector. Sino-Ocean has informed bondholders that housing sales are still declining and liquidity has not improved, and it believes that a long-term debt extension plan could help stabilize its operations and preserve value for all investors. The company will hold bondholder meetings later this month to vote on the proposal. [Extracted from the article]

Chinese property developer Sino-Ocean Group Holding Ltd. is reportedly seeking to extend the maturity dates of its local yuan bonds. The company plans to push back the maturities of four notes by up to 30 months and repay the notes in six installments every three months starting from the 15th month. Sino-Ocean intends to hold bondholder meetings later this month to vote on the proposal and plans to notify bondholders of extension proposals for its other yuan notes. Sino-Ocean has not yet commented on the matter. [Extracted from the article]

Chinese state-backed insurers have agreed to give China Vanke Co., a property developer, some leeway on their private debt after discussions with the National Administration of Financial Regulation. The insurers have decided to forgo early repayment on non-standard debt, although the exact amount of Vanke's borrowings is unknown. Unlike its competitors, Vanke has not yet defaulted and is seen as an indicator of the government's support for state-backed developers. However, concerns about debt obligations have arisen as real estate prices and demand have declined in China. [Extracted from the article]

Chinese property developer Jinke Properties Group Co. Ltd. is planning to seek court approval for a "pre-restructuring" process that would result in new shareholders. This move follows a strategic investment framework agreement with Great Wall Guofu Real Estate Co. Ltd., the real estate arm of state-owned distressed asset manager China Great Wall Asset Management. The pre-restructuring application, a relatively new concept in China, outlines the debtor's plans for restructuring and requires due diligence and agreement from major creditors. If approved, this process could serve as a model for other midsize developers facing debt issues in China's property crisis. [Extracted from the article]

Country Garden plans to convene a bondholder meeting to vote on its own extension plan and the separate full repayment request between Aug. 23 and Aug. 25, according to the filing. (Bloomberg) -- Some of Country Garden Holdings Co.'s bondholders are demanding full repayment of a local bond due early next month, after the embattled Chinese property developer proposed a three-year extension for the yuan-denominated note. [Extracted from the article]

(Bloomberg) -- At least two holders of a Sino-Ocean Group Holding Ltd. dollar bond have yet to receive a coupon payment that was due Thursday, heightening debt worries surrounding the Chinese state-backed developer that's shaken the nation's junk-note market in recent weeks. The builder has been at the center of the sector's debt worries in recent months even while so far avoiding repayment issues that hit some fellow government-linked peers. [Extracted from the article]

(Bloomberg) -- China's great restructuring of property debt is finally heating up, as a builder of homes for first-time buyers seeks to extend dollar bonds. Logan Group Co., which operates mainly in the Greater Bay area of Guangdong, Macau and Hong Kong, showed its latest debt-restructuring plan to some noteholders this week, people familiar with the matter said. [Extracted from the article]

(Bloomberg) -- China's sweeping policy support for the property sector has been no quick fix for developers' liquidity struggles, leaving some investors waiting until the last minute for cash. China's bevy of measures to ease the real estate sector's unprecedented liquidity squeeze include lower mortgage rates on purchases of first homes and providing state guarantees to some builders' new yuan notes. [Extracted from the article]