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Bond Market News
Vanke Sells Headquarters Project for $309mn
May 28, 2024
China Vanke has sold a once designated new headquarters project, for RMB 2.24bn ($309mn) as part of its efforts to divest assets and boost liquidity. The project was sold at an auction to buyers that included Vanke’s largest shareholder, state-owned Shenzhen Metro. The sale should reduce Vanke’s use of funds in non-core assets, the developer noted. Vanke’s project sale however, happened at a loss after it had initially purchased the plot for RMB 3.1bn ($440mn) in 2017. Vanke dollar bonds were steady with its 3.15% 2025s now at 85.9, yielding 20.2%.
Separately, Kaisa Group has been granted more time for its restructuring, after a Hong Kong court adjourned the hearing on a winding-up petition against Chinese developer to June 24. The ad-hoc group of creditors and Kaisa have made progress in-principle, subject to conditions, the group’s lawyer said. Kaisa last released its debt restructuring update in late March after reporting a loss of $2.7bn in 2023. Its dollar bonds are trading at deeply distressed levels of 3 cents on the dollar.
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