CWT International (CWTI), a unit of Chinese conglomerate HNA Group announced on Tuesday that it had defaulted on a HK$1.4 billion ($179 million) loan it received less than seven months ago — an event which its creditors say could lead… Read More>>
HNA ‘Toying With Default’ as Chinese Conglomerate Misses Payment on RMB 300M Loan
HNA Group defaulted on a RMB 300 million ($43.82 million) principal of a loan on September 10, Hunan Trust announced on its website. The financial failure is the latest blow for the indebted conglomerate, which sold more than $17 billion… Read More>>
Mainland Developer Announces Default on RMB 2.27B in Debt as White Knight Goes Dark
Zhonghong Holdings, the real estate developer controlled by tycoon Wang Yonghong announced last week that it had defaulted on RMB 1.1 billion ($160 million) in credit obligations in the month of July, bringing the Beijing-based company’s total past-due obligations to… Read More>>
Credit Problems Brings Down Gangtai Group’s Plan for 300M Skyscraper in Zhejiang 3rd-Tier City
China’s real estate slowdown appears to be claiming yet another victim, as China Cinda Asset Management takes over a planned 300-metre tall skyscraper project in the Zhejiang provincial city of Taizhou.
The state-owned “bad asset bank” acquired the Gangtai International… Read More>>
Defaulting Developer’s RMB 1.4B Deal with Kaisa Held Up by Shenzhen Exchange
Less than three months after revealing that it had defaulted on more than RMB 1.1 billion ($174 million) in debts, beleaguered Chinese real estate developer Zhonghong Holdings is struggling to explain a deal with Shenzhen-based Kaisa Group that could bring… Read More>>
Moody’s Sees Further Fallout After Mainland Developer Slips into RMB 1B Default
Credit ratings agency Moody’s Investors Service this week has downgraded its outlook for Hong Kong-listed developer Wuzhou International Holdings Limited as it predicted that the Jiangsu-based industrial specialist would default on $300 million in offshore bonds.
The downgrade comes after… Read More>>
Chinese Developer Defaults on $364M in Debt One Year After $449M Blackstone Deal
Less than one year after its offshore affiliate paid $449 million to buy a stake in Seaworld from Blackstone, and just nine months after that same unit failed in its $4 billion bid to buy out US senior living operator… Read More>>
China Ghost City Developer Could Default on $186M Bond This Week
One of China’s most famous ghost cities could churn out a new kind of horror this week after a real estate developer based in the Inner Mongolian city of Ordos revealed last week that it is struggling to repay bonds… Read More>>
Kaisa Could Face Wind-Up Petition Over Skipped Payments on $2.2B in Bonds
Chinese real estate developer Kaisa Holdings, which teetered on the edge of collapse earlier this year after failing to meet its debt obligations, could be threatened with insolvency again after repeatedly failing to make coupon payments on its bonds.
US… Read More>>
Kaisa Accounts Frozen as Creditors Try to Claw Back Cash
Attempts by Kaisa Group to stonewall its creditors in the face of serial defaults appear to be backfiring after bank accounts belonging to the Hong Kong-listed developer were frozen, and bond-holders began banding together for legal action.
The defaulting developer’s… Read More>>