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Bond Market News
Hopson Receives Four Month Loan Extension
July 18, 2024
Hopson Development received a maturity extension of four months for a loan from 2023 by Seatown Holdings, as per sources. About $100-115mn of a $165mn loan that backed the purchase of some commercial real estate space in a Hong Kong office building was extended to September. Seatown is a a subsidiary of Singapore’s Temasek Holdings. Hopson is among the few major Chinese developers that has not defaulted. Recently, S&P rated the developer at B, expecting it to manage its refinancing needs over the next 12 months thanks to quality assets in first-tier cities in China. After having repaid $300mn in offshore bonds in May 2024, Hopson has no offshore bonds outstanding
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