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Bond Market News
CFLD’s Unit Acquired By Peer; Chengxin Credit Terminates Ratings; Bonds Continue To Fall
June 17, 2021
Bloomberg reported that developer Shenzhen Parkland acquired 100% of China Fortune Land’s (CFLD) Shenzhen unit, which had a registered capital of CNY 100mn ($16mn). CFLD recently revealed overdue debt of $10bn, 3x that of their reported March numbers. Separately, China Chengxin International Credit terminated its credit rating of CFLD, as it was not provided certain information from the developer, according to a statement on Shanghai Clearing House.
CFLD’s dollar bonds continue to fall – its 8.05% 2025s fell 4.3% to 36.4 and its 6.9% 2023s fell 4% to 36.5 yesterday.
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