…debt backed by a standby letter of credit from China Zheshang Bank, while Longfor, Country Garden, Midea and Seazen sold bonds with protection mechanisms like credit risk mitigation warrants or credit default swaps. “However, the financing channels for much of the sector will remain closed in the near to medium term if the issuance of bonds that are backed by default protection features are not extended to smaller or more distressed builders,” Fi…
Search Results for: longfor
State-Owned Developers Dominate China Home Sales Rankings in 2022
…, with contracted sales attributable to shareholders of RMB 184.8 billion. Longfor moved up its ranking by two positions and secured the tenth spot, with sales declining 44.1 percent to RMB 55.8 billion. Hangzhou-based Binjiang Real Estate, with a slight sales decrease of 1.8 percent, secured 15th place, up from a 35th place in the first half of 2021. Besides these three, all other top private sector developers fell in the rankings. China Evergran…
Row of Singapore Shophouses Sells for $50.6M and More Asia Real Estate Headlines
…owns in the country. High-yield notes from the sector dropped as much as 2 cents on the dollar, according to credit traders, led by Country Garden, China’s top builder by contracted sales. Investment-grade dollar bonds from peers Longfor Group and China Vanke were poised to set record lows. Read more>> Tune in again soon for more real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as…
China Homebuyers Stop Paying for Stalled Projects and More Asia Real Estate Headlines
…iggest declines since March 2020. Investment-grade dollar bonds from peers Longfor Group Holdings and Sino-Ocean Group Holding were also poised to set record lows. Declines in high-yield notes were paced by Country Garden Holdings, China’s largest developer. Read more>> Mainland Developers See Offshore Bond Sales Fall 91% in 2022 The amount of foreign bonds issued by Chinese real estate companies in the first half plummeted 91.1 percent from the s…
China Probes Bank Real Estate Loans and More Asia Real Estate Headlines
…me healthier private developers. Shares of the companies mentioned jumped: Longfor 12 percent and Country Garden 9 percent. Read more>> Real Estate Brokers Bat for Uniform Licence Across India The National Association of Realtors (NAR) India, a real estate organisation that represents more than 50,000 property brokers nationwide, has pleaded with the federal government to provide brokers with a single licence that would enable them to operate ever…
Shanghai Zendai Property Boss Quits After Profit Warning
…of the company’s Shanghai branch after joining the developer in 2013 from Longfor Properties. Zhang Zelin is leaving Zendai after less than two years on the job His other former positions included deputy general manager of the Nanjing branch, deputy general manager of the Shenzhen branch and the general manager of the Hohhot branch of China Overseas Land & Investment Limited. Zhang’s departure follows the company’s profit warning issued on August…
Chinese Builder KWG Wins Consent for $1.6B Offshore Bond Swap
…stake in a residential project in Hong Kong’s Kai Tak area to its partner Longfor Group for HK$1.3 billion. While the bond swap pushes out near-term debt maturities for KWG, the developer has six additional offshore bonds totaling $2.46 billion, which will mature from 2024 through 2027. Having worked on debt restructuring deals for companies such as Guangzhou R&F and KWG Group, JP Morgan’s Chan stresses that developers taking a holistic approach…
Brookfield Buys Shanghai Rental Housing Project From R&F, KWG for $180M
…stake in a residential project in Hong Kong’s Kai Tak area to its partner Longfor Group for HK$1.3 billion. These sales have coincided with both firms having recently secured deals to restructure their offshore debt. With JP Morgan as the agent for both firms’ debt restructuring, R&F in July pushed out the deadline for 10 offshore bonds totaling $5.1 billion by three to four years while KWG this past week secured investor consent to swap $1.6 bil…
CIFI Holdings Confirms Trust Loan Default as Stock Drops 48%
…-sales funds, and limited financing channels,” Chen said. Along with peers Longfor and Country Garden, CIFI is one of roughly half a dozen homebuilders which recently received government support in raising new debt. Last week, the developer issued RMB 1.2 billion in 3.22 percent three-year medium-term notes due Sept. 22, 2025 supported by a 100 percent guarantee from China Bond Insurance Co. However, there have been signs of a financial strain on…
Shanghai’s CIFI Defaults on Offshore Bond Despite Government Support
…ocking episode to China’s ongoing property default drama. Along with peers Longfor and Country Garden, CIFI is one of roughly half a dozen homebuilders which recently received government support in raising new debt. Last month, the developer issued RMB 1.2 billion in 3.22 percent three-year medium-term notes due Sept. 22, 2025 supported by a 100 percent guarantee from China Bond Insurance Co. Besides the onshore issue, CIFI issued a USD 150 millio…