(Bloomberg) -- The deadline looms for bondholders to vote on China Evergrande Group’s plan to delay an option for early repayment on one of its yuan-denominated bonds.

An online meeting held by the property developer’s onshore unit Hengda Real Estate for holders of the note is due to conclude later Monday. The bond is its 4.5 billion yuan ($706 million) 6.98% security due 2023, which has a Jan. 8 put option. The firm, labeled a defaulter for the first time last month, is proposing to postpone that option date as well as an interest payment also due that day to July 8.

Elsewhere, officials in Guangdong province reportedly set up a meeting between distressed developers and state-owned property firms. Developer Shimao Group has meanwhile commissioned agents in Hong Kong to speed up disposal of assets amid a missed loan payment, Caixin reported. There’s $1.42 billion of bond payments due this week among stressed builders, Bloomberg calculations show.

Key Developments:

  • Shimao Appoints Agents to Speed Up Asset Disposal on Debt Woes
  • Guangdong Set Up Match-Making Meeting for Developers: Cailian
  • Agile Enters Pacts to Sell 14 Properties for 2.8b Yuan July-Dec
  • Jefferies, Daiwa Downgrade Shimao After Missed Loan Payment
  • Housing Crisis Gives State Firms An Edge: What to Watch in China

Modern Land Appoints Financial Advisers; to Resume Trading (8:43 a.m. HK)

Modern Land has appointed financial advisers to assist with its assessment of the liquidity situation and formulate an overall plan for feasible remediation actions taking into account the interests of onshore and offshore stakeholders, according to a Hong Kong stock exchange filing. Trading in its shares will resume Monday. 

Shimao Appoints Agents to Speed Up Asset Disposal on Debt Woes (8:35 a.m. HK) 

The developer is seeking buyers such as funds and international investors mainly for its commercial properties including those owned by its Hong Kong-listed real estate unit, according to Caixin, citing sources it didn’t identify. It appointed the agents in December, the report said.

Shimao, which builds residential, hotel, office and commercial properties, is among the largest debt issuers in China’s real estate sector. A unit of Shimao Group Holdings Ltd. was said to have defaulted on a local loan due by Dec. 25. 

Agile Enters Pacts to Sell 14 Properties for 2.8b Yuan (8:02 a.m. HK)

Agile Group has entered into agreements to sell 14 non-core properties at a total selling price of 2.8 billion yuan ($439 million) from July to December, according to a Hong Kong stock exchange filing. The company expects to have cash collection of  around 1.65 billion yuan from the sales in 2022 and intends to use the proceeds as general working capital.

Guangdong Set Up Match-Making Meeting for Developers: Cailian (7:56 a.m. HK) 

Officials in Guangdong province set up a meeting between distressed developers and state-owned property firms, and encouraged them to discuss mergers and acquisitions of some projects, Cailian reported Saturday, citing unidentified people.

Developers that attended the meeting included China Aoyuan Group Ltd., Guangzhou R&F Properties Co., Poly Property Group Co. and China Overseas Land & Investment Ltd. 

 

 

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