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China's banking regulator has requested major insurers to disclose their financial exposure to China Vanke Co. in order to assess the developer's need for support to avoid default. This move comes amidst ongoing concerns about Vanke's debt risks and the country's property crisis. Vanke executives have reportedly urged insurers not to exercise put options on private debt to prioritize bond payments and prevent a public default. The Chinese government has expressed commitment to stabilizing the property market, as home-price declines have shown signs of easing in recent months. [Extracted from the article]

China's banking regulator has requested major insurers to disclose their financial exposure to China Vanke Co. in order to assess the developer's need for support to avoid default. This move comes amidst ongoing concerns about Vanke's debt risks and the broader property crisis in China. Vanke executives have reportedly urged insurers not to exercise put options on certain debt to prioritize bond payments and prevent a public default. The government has expressed commitment to stabilizing the property market, as home-price declines have shown signs of easing in recent months. [Extracted from the article]

Negotiations between GLP Pte and Guangdong Holdings Ltd. for the sale of a stake in GLP's China operations have stalled due to disagreements over deal terms. GLP may explore other potential buyers or options as talks with Guangdong Holdings have hit an impasse. GLP recently sold a significant portion of its fund management arm, providing more flexibility to address its debt load and engage in future deal talks. [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]

China's Shenzhen Stock Exchange recently met with some holders of Country Garden Holdings Co.'s credit default swap-linked yuan bond to discuss repayment options. Some bondholders have already registered their put option for early repayment, but if they agree not to exercise the option, the expiration of their CDS tied to the bond would be extended until December 2024. This meeting highlights Country Garden's struggle to meet its debt obligations amidst falling property prices and raises questions about the ability of investors to cash in on their investment in Chinese developers' CDS products. The bond, issued by Country Garden Real Estate Group Co., has 800 million yuan outstanding and is listed on the Shenzhen Stock Exchange. Country Garden is China's largest private developer and has faced default on a dollar bond in October. [Extracted from the article]

China's Shenzhen Stock Exchange recently met with some holders of Country Garden Holdings Co.'s credit default swap-linked yuan bond to discuss repayment options. Some bondholders have already registered their put option for early repayment, but if they agree not to exercise the option, the expiration of their CDS tied to the bond would be extended until the bond's maturity in December 2024. This meeting highlights Country Garden's struggle to meet its debt obligations amidst falling property prices and raises questions about the ability of investors to cash in on their investment in Chinese developers' CDS products. The bond, issued by Country Garden Real Estate Group Co., has 800 billion yuan ($112 billion) outstanding and was listed on the Shenzhen Stock Exchange. Country Garden is China's largest private developer and has faced default on a dollar bond in October. [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]

Below is a calendar of Country Garden bond principal and interest payments across currencies due in September, including the ringgit interest: --With assistance from Emma Dong and Dorothy Ma. (Bloomberg) -- Distressed Chinese builder Country Garden Holdings Co. has wired a coupon payment coming due on a ringgit-denominated bond, according to people familiar with the matter, in its latest effort to avoid default. [Extracted from the article]

One of the few survivors in China's offshore high-yield market, Wanda has so far avoided defaulting on public dollar debt. (Bloomberg) -- One of China's most closely watched property firms, Dalian Wanda Group, rallied by a record Thursday in credit markets as a key unit told some creditors it's finalizing an asset disposal to help pay down a dollar bond due in just days. [Extracted from the article]