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Feb 15, 2022
, Bloomberg News
(Bloomberg) -- China’s defaulting property developers are making little headway on restructuring their offshore bonds, testing the patience of distressed-debt investors who stepped in to buy after an industrywide liquidity crunch.
At least a dozen developers defaulted on their dollar bonds over the past year, with an estimated $48.9 billion outstanding pending debt resolution, according to a Feb. 3 report by Standard Chartered Plc. Among these developers, only China Fortune Land Development Co. released a brief restructuring framework, seven months after defaulting on its dollar note in February 2021.
In the latest sign of the industry’s cash crunch, China Oceanwide Holdings Ltd. said a lender has appointed receivers over shares of a wholly owned subsidiary after sending a default notice. A Bloomberg Intelligence gauge of developers fell 1.7% Tuesday, adding to the biggest drop in five months a day earlier.
Key Developments:
Logan Group Adds to Repurchases of 2022 Dollar Bond (8:19 a.m. HK)
Logan Group purchased $1 million of its 7.5% notes from Jan. 14 to Feb. 15, according to a filing to the Hong Kong exchange. The company has bought $21 million of the notes due Aug. 25, representing 7% of the total amount.
Cinda, Huarong Are Banks’ Buffers Against Problem Property Loans: BI (8:08 a.m. HK)
China Cinda Asset Management Co., China Huarong Asset Management Co. and other bad-debt managers could help cushion 10 Chinese banks from the corrosive effects of 126 billion yuan worth of problem property loans, Bloomberg Intelligence analyst Francis Chan wrote. Lenders may boost their real estate loans this year without assuming outsized credit risk after cutting their exposure last year, backed by ample collateral and bad-debt coverage.
China Developer Bondholders Brace for Long Road to Repayments (7:59 a.m. HK)
China’s defaulting property developers are making little headway on restructuring their offshore bonds, testing the patience of distressed-debt investors who stepped in to buy after an industrywide liquidity crunch.
At least a dozen developers defaulted on their dollar bonds over the past year, with an estimated $48.9 billion outstanding pending debt resolution, according to a Feb. 3 report by Standard Chartered Plc. Among these developers, only China Fortune Land Development Co. released a brief restructuring framework, seven months after defaulting on its dollar note in February 2021. As of earlier this month, Fortune Land had reached agreements with creditors on just 20% of its debt.
China Oceanwide Says Lender Named Receivers After Unit’s Default (8:18 p.m. HK)
China Oceanwide Holdings Ltd. has said a lender has appointed receivers over shares of a wholly owned subsidiary after sending a default notice.
The company said the creditor has claimed $159.3 million in an acceleration notice, according to a Hong Kong stock exchange filing. The troubled developer said it received a letter dated Feb. 14 that representatives from Kroll were appointed as receivers over assets.
According to another notice, the lender will exercise its rights, including selling shares of the subsidiary immediately or later. The company said it is negotiating with the creditor -- OCM Harbour Investments Pte -- for an updated repayment plan.
©2022 Bloomberg L.P.
