Naphjas Inc. |

08 Apr Shimao Group faces winding-up petition from China Construction Bank, signalling developer is in ‘serious debt trouble’

Posted at 04:18h in Asia

Shimao urged its offshore creditors to “carefully consider” the restructuring plan put forward on March 25, in which it presented four options including short-term and long-term notes offering an aggregate principal amount of no more than US$4 billion, according to an earlier stock exchange filing.“This...

01 Apr China’s new home sales slide for 10th month with buyers sidelined, lending push failing to halt liquidity crisis

Posted at 08:30h in Asia

China’s property developers recorded another set of dismal operating results as new home sales tumbled for a 10th straight month, suggesting it would be premature to expect a turnaround in a three-year slump in the industry.Sales at the nation’s 100 biggest home builders tumbled 46...

29 Mar China Vanke boss acknowledges ‘pressure’ as 2023 profits slump amid liquidity distress rumours

Posted at 04:33h in Asia

Net profit came in at 12.16 billion yuan (US$1.7 billion) versus 22.68 billion yuan in the same period of 2022, according to a filing by Vanke made to the Hong Kong stock exchange on Thursday night.Core profit, which excludes the impact of foreign exchange and...

27 Mar Distressed Chinese developer Country Garden downplays hiring New York-based Kroll for liquidation analysis

Posted at 11:02h in Asia

Embattled Chinese property developer Country Garden Holdings downplayed the possibility of a liquidation after it hired a financial advisory firm to assess the amount of money creditors could recover in such an event.“Hiring an independent third party to perform a hypothetical liquidation analysis has no...

26 Mar China’s central bank head dissuades real estate woes as Vanke teeters towards default

Posted at 10:00h in Asia

The governor of China’s central bank talked up the country’s property market and the resilience of its financial system on Monday, as the debt pressures weighing on a leading developer have spawned more worries the crisis in the sector has yet to reach its conclusion.At...

25 Mar Embattled Chinese developer Shimao seeks offshore investors’ approval to restructure US$11.7 billion debt

Posted at 15:10h in Asia

Embattled Chinese property developer Shimao Group Holdings is seeking to restructure offshore debt worth US$11.7 billion.The Shanghai-based firm is seeking approval from offshore creditors for a restructuring plan, according to a filing made to the Hong Kong stock exchange late on Monday, as part of...

25 Mar Country Garden finds partner to fund completion of skyscraper in Guangzhou, shares soar

Posted at 08:04h in Asia

Debt stricken property developer Country Garden has roped in a new partner to inject capital into its partially-finished, 64-storey commercial tower in Guangzhou’s Baietan business district, as the company overcame struggles to finish construction on a land parcel acquired in 2017.The announcement lifted the developer’s...

15 Mar China struggles to arrest a 9-month slide in new home prices as cash squeeze among big developers keeps buyers on sidelines

Posted at 05:38h in Asia

Home prices in China fell for the ninth month in February, suggesting weak underlying demand and confidence among consumers despite measures by authorities to loosen buying restrictions and boost lending to struggling developers.Prices of new homes in 70 medium and large cities fell 0.4 per...

13 Mar Country Garden making ‘best effort’ to raise US$13 million bond coupon within grace period as China housing crisis crushes home sales

Posted at 07:38h in Asia

Country Garden Holdings said it is doing its best to raise cash and repay holders of its local-currency bonds and avert a default, after a multi-year housing slump damaged confidence, home sales and cash flows.The distressed developer did not pay the 96 million yuan (US$13.3...

05 Mar Country Garden reports major slump in China home sales, triggering fresh alarm for creditors amid debt restructuring

Posted at 04:30h in Asia

Country Garden Holdings said home sales plunged last month to a multi-year low, raising fresh alarm about its financial distress even as the mainland Chinese developer fends off hostile creditors in Hong Kong and seeks forbearance on more than US$10 billion in offshore debt.The firm,...

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