China Evergrande has switched its headquarters in Shenzhen to its own property in Guangzhou in an effort to save costs. However, its registered place has not changed and is still in Shenzhen. “Returning to Guangzhou is a return home, which will help to gain more support and resources in future. Moving back will also help the Guangdong government solve the Evergrande problem”, said Yan Yuejin, research director at Shanghai-based E-house China Research and Development Institute.
Agile Group said it has entered agreements to sell 14 noncore properties for RMB 2.8bn ($440mn) in H2 2021, according to Caixin Global. The company said it collected RMB 1.15bn ($180mn) in sales proceeds in 2021 and expects to collect the remaining RMB 1.65bn ($260mn) in 2022, which will be used as general working capital. Agile’s dollar bonds were lower with its 4.85% 2022s down 7.9 points to 44.6 cents on the dollar.
Modern Land China said that was is in discussions with the bondholders for a possible debt restructuring. This comes after certain creditors are said to have demanded early repayment and/or take enforcement actions. IFR notes that one creditor asked for an early repayment of $23.6mn and to declare certain related security arrangements enforceable on a facility agreement guaranteed by the company. The developer defaulted on a $250mn 12.85% bond due October 25, 2021 due to liquidity problems.