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Bond Market News
CIFI Plans to Sell Stake in Subsidiary to Raise Liquidity
December 12, 2022
CIFI Holdings is planning to sell its entire 23.26% stake in a Hong Kong-listed property management subsidiary, CIFI Ever Sunshine Services Group to boost liquidity. The expected amount to be raised via the stake sale is not known. CIFI said that the disposal will also help it to deleverage after it suspended payments on all principal and interest payments on its offshore financing notes on November 1. It said it plans to announce its debt restructuring plan before 1Q 2023. CIFI’s dollar bonds were trading flat at 24-25 cents on the dollar.
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