Investor concerns were not confined to offshore markets.Įvergrande closed down 12.5% and the services unit dropped 8%, while Evergrande’s electric vehicle arm eased 2%. “The market is worried all single-B companies will choose not to pay,” he said, referring to a credit rating level. Modern Land’s decision weighed on investors’ mood, said Clarence Tam, fixed income portfolio manager at Avenue Asset Management in Hong Kong. Its 11.95% March 2024 bond traded down nearly 20% at below 21 cents, according to data provider Duration Finance. The company’s Hong Kong-listed shares were suspended from trading on Thursday, while its bonds slumped. 25, and that it planned to engage an adviser to solve its liquidity issues. Modern Land China Co Ltd said it had ceased seeking consent from investors to extend the maturity date of a dollar bond due on Oct. Oceanwide Holdings International Development, a unit of developer Oceanwide Holdings, said on Thursday its notes due Oct. Since the government started clamping down on corporate debt in 2017, many real estate developers turned to off-balance-sheet vehicles to borrow money and skirt regulatory scrutiny, analysts and lawyers said.
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