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Car Inc., a major car rental company in China, is currently in talks with banks for a potential syndicated loan of at least $500 million with a tenor of three to five years. The loan, which has not been finalized, may not require collateral and could be used for working capital and dividend recapitalization purposes. The company, backed by private equity firm MBK Partners Ltd., was acquired and privatized in a deal valued at $1.1 billion in July 2021. [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]

China Fortune Land Development Co. has proposed a debt-reduction plan to transfer debt to a state-owned firm in Langfang city, aiming to cut $2.8 billion in debt. The plan involves transferring assets to the firm and offering additional credit to creditors with a low interest rate. The company's previous attempts at debt reduction were hindered by China's property slump, leading to this new proposal. [Extracted from the article]

Dalian Wanda Group Co. is reportedly close to finalizing new shareholders for its mall operating unit. The Chinese conglomerate's plan, which has been in progress for several months, is expected to be announced in the coming weeks. Billionaire Wang Jianlin relinquished control of Zhuhai Wanda Commercial Management Group Co. last year, leading to investments from PAG, Abu Dhabi Investment Authority, and Mubadala Investment Co. Representatives for Wanda and ADIA have not yet commented on the matter. Wanda, which manages nearly 500 shopping malls in China, has faced challenges due to a crackdown on the property sector. The company has also proposed a repayment schedule for a $600 million bond. [Extracted from the article]

Fosun International Ltd. has obtained a HK$1.6 billion ($205 million) syndicated loan to partially refinance an existing facility for a property project in Hong Kong. The new loan, with a one-year term, is intended to replace a HK$1.3 billion loan that Fosun received last year for refinancing and general corporate purposes related to a property in Clear Water Bay. Fosun has been working to reduce its debt burden through asset sales and reduced borrowing, and its progress in this area has helped restore investor confidence. However, the company has not issued any offshore bonds since 2021 and is aiming for a credit rating upgrade in the long term. [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]

Deloitte & Touche LLP has initiated a bidding process for the sale of Dystar Global Holdings Singapore Pte Ltd., a dye manufacturer. This sale comes after a legal dispute between Dystar and its shareholders, with the Singapore International Commercial Court ruling that the majority shareholder, Senda International Capital Ltd., engaged in "oppressive conduct" against Kiri Industries Ltd. The court has ordered an en-bloc sale of all shares held by Senda and Kiri, with Kiri being entitled to a payout of $603.8 million. Dystar, founded in 1995, is a major global dyestuff and chemical manufacturer with a presence in over 50 countries. [Extracted from the article]

Chinese developer Country Garden Holdings Co. is considering further extending payments on some of its yuan bonds due to a prolonged sales slump, according to sources. The company's main onshore unit may push back payments on several yuan bonds due in September by six months, including 10% of the principal on its 4.38% notes due September 2026. Bondholders' approval would be required for the delays. This potential delay would be a setback for bondholders and highlights the liquidity stress faced by China's major builders amid the ongoing property crisis. Country Garden's sales have continued to decline, with contracted sales for July dropping 72% from the previous year. The company is currently in offshore restructuring talks and expects key creditor groups to agree on a debt term sheet by the end of September. [Extracted from the article]

Chinese technology park operator Tus-Holdings Co. has canceled its offshore debt restructuring plan due to the absence of regulatory approval. The company was supposed to make payments under the debt overhaul agreement, including a consent fee and principal payments, by a Monday deadline. Tus-Holdings submitted a restructuring proposal to Chinese regulatory authorities but did not receive approval. This setback highlights the regulatory risks faced by overseas creditors of Chinese defaulters. Tus-Holdings first defaulted on its dollar debt in 2021 and the restructuring plan involved two dollar bonds worth approximately $900 million. [Extracted from the article]

Chinese technology park operator Tus-Holdings Co. may face a delay in making the first payment under its debt overhaul, according to anonymous sources. Tus-Holdings, previously owned by Tsinghua University, was originally scheduled to make the payment on Monday, which includes a consent fee and principal payments. The final decision on the payment has not been made yet. This potential delay raises concerns about the financial support of the company's new state-backed shareholders. Tus-Holdings' restructuring plan involves two dollar bonds worth approximately $900 million, with offers for upfront cash payment and higher prices for partial repayment. [Extracted from the article]

State-backed Shanghai Industrial Financial Leasing is facing a potential cash shortage and may not be able to repay a bond due on August 3. The company has proposed to some bondholders to cancel the note ahead of the due date to avoid default, and instead swap the bond obligation to private debt to be repaid at a later date. The leasing firm has not provided any credit enhancement or payment schedule for the debt. The company's 7% bond has a principal value of 400 million yuan, and trading in the note has been suspended by the Shanghai Stock Exchange. The company's leasing business spans various industries, and it had a cash position of 88 million yuan at the end of 2022. [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]

Janice Hu, the former head of China for Credit Suisse, has been appointed as the vice chair of UBS Group AG's securities venture in China. Hu, who has over 20 years of experience at Credit Suisse, will assume her new role on Thursday. This move comes as UBS is in the process of selling the China securities venture of Credit Suisse due to Chinese regulations that prohibit a foreign shareholder from holding majority stakes in two domestic brokerages simultaneously. Hu's appointment had been under discussion since the takeover, and she is the granddaughter of former Chinese Communist Party Secretary General Hu Yaobang. [Extracted from the article]

Thailand is moving forward with its plan to reclassify cannabis and hemp as narcotics, with a committee agreeing that they should only be used for medical treatment. The committee will submit a report to the Office of the Narcotics Control Board, and if approved, the Food and Drug Administration will amend cannabis-related laws and provide usage criteria. This change is set to take effect on January 1. While Thailand decriminalized cannabis in 2022, the government has now decided to restrict its use to medical purposes, leading to opposition from advocacy groups and businesses. [Extracted from the article]

Amtrak has announced that train service between New York City and Boston has resumed after a disruption caused by a lightning strike that interrupted power. The suspension of service followed a series of delays and cancellations. Amtrak holds a 75% share of the air-rail market between New York and Boston, carrying four times as many passengers on that route as all airlines combined. [Extracted from the article]

Chinese mutual funds are requesting that bond brokers lower their trading fees, as a new rule from the China Securities Regulatory Commission has prohibited the funds from passing those fees onto investors. The funds are seeking a reduction in fees of up to 70%, and brokers have agreed to provide their services for free until an agreement is reached. It is uncertain whether any changes will result from the negotiations, but some believe that liquidity in China's debt market may tighten if cost-sensitive mutual funds choose to avoid using brokerage services. The CSRC aims to reduce bond trading costs and regulate funds' operations in an effort to make trading less expensive. [Extracted from the article]

Times China Holdings Ltd. has reached an agreement in principle with a group of key creditors, marking a significant milestone in debt-restructuring talks. The Guangdong-based developer has been communicating with major creditors on a daily basis after receiving a liquidation petition in April. The first court hearing regarding the winding-up petition is set for July 3 in Hong Kong. This case is one of many examples of offshore creditors using Hong Kong courts to push Chinese developers back to the negotiating table. Times China's offshore notes are currently trading at around 2 cents on the dollar, indicating low recovery expectations among investors. [Extracted from the article]

Chinese builder Times China Holdings Ltd. is reportedly accelerating debt restructuring talks with its major creditors, including banks and bondholders, in an effort to reduce the risk of liquidation. The company has been communicating with creditors on a daily basis since receiving a liquidation petition in April. The debt talks are still ongoing, with key issues being discussed including the amount of debt reduction, upfront cash payments, and tenor extensions. Times China's first liquidation hearing is scheduled for July 3. This case is one of several examples of offshore creditors using Hong Kong courts to push Chinese developers to negotiate. [Extracted from the article]

Chinese developer Sino-Ocean Group Holding Ltd has received a winding-up petition in a Hong Kong court from The Bank of New York Mellon, London Branch. Sino-Ocean is one of several defaulters with Chinese state-owned companies as major shareholders, which has previously given investors confidence. The developer has numerous projects in China and became a defaulter in September when it stopped making payments on its offshore borrowings. The next hearing for the winding-up petition is scheduled for September 11. [Extracted from the article]

New World Development Co., a Hong Kong-based property company, plans to redeem a perpetual bond and complete $1 billion of non-core asset sales in an effort to restore confidence in its financial health. The company aims to redeem the bond callable in March 2025, which is currently indicated at 95.7 cents on the dollar. Additionally, New World expects to finalize the sale of HK$8 billion ($1 billion) of non-core assets by the end of the month. Despite these efforts, the company still faces challenges due to a slowdown in Hong Kong's property sales and a decline in its share price. New World has also secured a multibillion-yuan loan backed by its upscale K11 shopping mall in Shanghai. The company's investment properties are valued at HK$43 billion and have a loan-to-value ratio of around 40%. New World has also refinanced a loan with Abu Dhabi Investment Authority for their joint hotel assets. [Extracted from the article]

Hong Kong-based developer New World Development Co. has informed investors that it plans to redeem its perpetual bond callable in March 2025. The company stated that the coupon would be higher than its average funding cost of 5% if it chooses not to exercise the call option. New World also expects to complete the sale of HK$8 billion ($1 billion) of non-core assets by the end of the month. These actions indicate that the developer is gradually overcoming its short-term liquidity challenges. Additionally, New World has secured a multibillion-yuan loan backed by its upscale K11 shopping mall in Shanghai. The company has also refinanced a loan with Abu Dhabi Investment Authority for their joint hotel assets. [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]

Poly Developments and Holdings Group, China's largest builder by contracted sales, is considering raising up to 12 billion yuan ($1.7 billion) through a convertible bond sale. This move comes as the company has yet to conduct a private placement of shares that was announced in December 2022. The convertible bond sale would serve as an alternative funding option and would also be a private placement. Chinese property giants rarely engage in such deals, but this offering indicates signs of recovery in the industry with the help of policy support. Asian borrowers are increasingly turning to convertibles, following a rebound in Chinese equities. The annual coupon for the six-year security is expected to be around 3% to 3.5%. The plan is not final and terms may change. [Extracted from the article]

The National Association of Financial Market Institutional Investors in China has asked financial firms to review any bond underwriting that may have contributed to hidden debt pressures among local governments. This comes as China has been examining off-the-books local government debt, which was identified as the top financial risk in Asia last year. The government has implemented support measures, such as refinancing programs and urging banks to extend loans, to address the issue. However, the shift in market sentiment has created a challenge in refinancing LGFV debt while preventing hidden debt from growing. [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]

Private equity firm PAG is considering purchasing Dalian Wanda Group's shopping mall properties. The deal, which could value the real estate assets at up to 100 billion yuan ($13.8 billion), would make PAG the owner of properties it already manages. This potential sale would allow Wanda to raise cash to pay off debt and reduce leverage. The details of the deal are still in the preliminary stages, and neither PAG nor Wanda have commented on the matter. [Extracted from the article]

Private equity firm PAG is considering purchasing Dalian Wanda Group Co.'s shopping mall properties, which could be valued at up to 100 billion yuan ($13.8 billion). This potential deal would make PAG the owner of the properties it currently manages, following its acquisition of control of Zhuhai Wanda Commercial Management Group Co. in March. Selling the real estate assets would allow Wanda to raise cash to pay off debt and reduce leverage. The details of the deal are still in the preliminary stages, and neither PAG nor Wanda have commented on the matter. [Extracted from the article]

UBS Group AG has made leadership changes in its asset management unit as part of its integration with Credit Suisse. The new head of asset management, Aleksandar Ivanovic, plans to streamline the division's product offering and reduce costs. Ivanovic stated that 2024 will be a critical year for the integration process. He also mentioned that the full impact of the integration on fund flows and revenue is yet to be seen. The memo outlined the new leadership positions and announced the retirement and departure of several managing directors. [Extracted from the article]

China Vanke Co. shares have risen after the state-backed builder announced plans to address liquidity issues. The company's stock climbed in both Shenzhen and Hong Kong following a recent selloff. Vanke has assured investors that it has a comprehensive plan to stabilize operations and reduce debt, and it will prioritize using its own resources to resolve its debt problems. However, concerns about the company's long-term liquidity problem persist, particularly due to weak home sales. Vanke faces a significant maturity wall in 2025, with 36.2 billion yuan ($5 billion) of bonds coming due. JPMorgan Chase & Co. has lowered its recommendation on Vanke shares, citing a challenging period of deleveraging and reliance on bank and state-owned enterprise support. [Extracted from the article]

Warburg Pincus, an investment firm, is seeking to redeem its investment in Dalian Wanda Group Co.'s shopping mall unit. The unit has been unsuccessful in listing in Hong Kong and has been trying to raise funds. Warburg Pincus invested 970 million yuan ($135 million) in Zhuhai Wanda Commercial Management Group Co. in 2021, with the condition that it would be repaid if the company failed to list by the end of 2023. A court in Shanghai has frozen about 5 billion yuan worth of equity in Zhuhai Wanda. Zhuhai Wanda is also trying to raise loans and the Abu Dhabi Investment Authority is considering buying a stake. Other pre-IPO investors include PAG, Ant Group, Citic Securities, and Tencent Holdings. [Extracted from the article]

China's banking regulator has begun examining the offshore holdings of local government financing vehicles (LGFVs) at financial institutions in Hong Kong. The regulator has contacted the Hong Kong units of several Chinese banks and insurers to request details on their holdings of dollar bonds issued by LGFVs, with a particular focus on bonds with tenors of less than one year. LGFVs' financing activities have faced increased scrutiny as the Chinese government aims to control debt risks. Short-term dollar notes sold in Hong Kong have become popular due to measures restricting onshore financing. LGFVs were originally established to bypass restrictions on municipal authorities borrowing or selling bonds, but their growing debt poses a significant risk to China's financial stability. [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]