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Bond Market News
Wanda Downgraded to C by Fitch; China Planning Supportive Policies for Property Sector
December 9, 2024
Wanda Commercial and Wanda HK were downgraded by a notch to C from CC by Fitch. The downgrades follows Wanda Commercial receiving consent from 96.32% of eligible bondholders, in favor of the resolution to amend the terms of its bonds due 2025 and waive potential events of default. Fitch views the proposed amendments as a distressed debt exchange (DDE) under its rating criteria. The amendments will be executed on 20 December 2024 as per the announcement.
In related news to the property sector, China’s regulators are planning to strengthen the property market with improved policies on land usage, taxes, and other financial measures, according to Xinhua News Agency. This announcement comes as the government is facing challenges in reversing the ongoing decline in the real estate sector, which is contributing to deflationary pressures. Investors are hopeful for more policy support to help China meet its 5% growth target for the year. While the property market has stabilized after recent policy changes, residential sales continued to decline in November, indicating that a full recovery is still uncertain.
Its 11% 2025s traded stable at 93.96 cents on the dollar.
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