The latest updates from the Chinese property sector are as follows:
Bloomberg notes that shares of Evergrande worth ~$1bn appeared in Hong Kong’s Central Clearing and Settlement System in a signal that a sign that its founder Hui Ka Yan might be pledging part of his stake as collateral for loans.
China Aoyuan said that an extension plan of asset-backed securities (ABS) worth RMB 816mn ($128mn) has been approved with a maturity date of May 20, 2022. Separately, Bloomberg cites financial intelligence agency REDD reporting that Aoyuan defaulted on RMB 66mn ($10mn) of a RMB 78mn ($12.2mn) trust loan on November 12. The trust loan was issued by Aoyuan’s subsidiary Zhuhai Trade Zone Qiheng Logistics and guaranteed by Aoyuan Corp, the onshore arm of the developer.
China South City said it has paid $10mn in coupons due on November 20.
Bondholders of Fantasia’s 7.5% 2023s and 7.5% 2023s will hold meetings on Tuesday, November 23 to vote on proposals of authorizing China International Capital Corporation Ltd. (CICC) to start legal proceedings against the developer over bond payments
Zhenro Properties bought back $4mn of its USD 6.5% 2022s and $1mn of its 10.25% Perps. The price paid for the buybacks were not disclosed.
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