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Bond Market News
Evergrande’s Property Sales Fall 26% YoY
September 7, 2021
China Evergrande’s property contracted sales fell 26% YoY in August to RMB 38.1bn ($5.9bn) despite offering steep discounts that led to a 11.5% fall in its average selling price, the lowest since July 2016. The update only adds to existing woes of the property developer, which reported a 29% drop in net profits alongside a warning that “it has risks of default and cases of litigation outside its normal business”. Evergrande’s local bonds were halted on Friday due to abnormal volatility with prices falling over 20%, and its dollar bonds are trading at highly distressed levels.
Evergrande’s 13% 2022s issued by Scenery Journey are down 3.8 to 22.23 and its 11.5% 2022s issued by Hengda are down 3.7 to 22.35.
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