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Bond Market News
China Real Estate Updates – November Sales, Yuzhou’s Loan, Aoyuan’s Sale, Zhenro’s Buyback
December 2, 2021
Contracted sales across the top 100 Chinese developers in November dropped 38% YoY to RMB 751mn ($118mn). It was also a 32% MoM drop as per data from research firm China Real Estate Information.
Yuzhou Group (B3/-/B-) has pledged its Shenzhen headquarters building as collateral for an RMB 1.1bn ($170mn) loan as per The Standard, citing research company REDD. While it is unclear how Yuzhou plans to use the loan amount, the collateral was valued at RMB 3.5bn ($550mn), along with RMB 400mn ($63mn) in debt. Yuzhou’s dollar bonds maturing beyond 2025 currently trade at ~28 cents on the dollar. Its bonds maturing 2023s and 2024s currently trade at ~31 cents on the dollar while its 2022s trade at ~45 cents on the dollar.
China Aoyuan (Caa2/CCC/CCC-) reportedly put a revitalized industrial building in Kwai Chung up for sale to ease liquidity issues. The building was Aoyuan’s first project in Hong Kong and the reported sale comes a few weeks after it sold properties and parking spaces on Robinson Road in Mid-Levels, thereby raising HKD 900mn ($115.5mn). Aoyuan’s dollar bonds currently trade between 23-27 cents on the dollar.
Zhenro Properties (B1/-/B+) repurchased $2mn of its 6.5% 2022s, $5mn of its 8.7% 2022s and $2mn of its 5.98% 2022s and $1mn of its 10.25% Perps. This comes less than a week after Zhenro bought back $10mn of four of its dollar bonds in a filing dated November 26. Zhenro’s dollar bonds were lower with its 6.7% 2026s down 1.9 points to 60.6 cents on the dollar.
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