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Redsun risks first dollar-bond default

Allbet登录网址 2022年11月16日 社会 3 2

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The country’s 88th-largest builder by contracted sales said in a Hong Kong stock exchange filing it likely wouldn’t pay the 2025 note’s coupon initially due last month before the end of a grace period, potentially resulting in demands for immediate redemption of the note and acceleration of other debt.

HONG KONG: Redsun Properties Group Ltd is poised to become China’s latest developer to be delinquent on borrowings, warning it likely won’t pay a bond coupon before a looming deadline and may be unable to meet other debt obligations.

The country’s 88th-largest builder by contracted sales said in a Hong Kong stock exchange filing it likely wouldn’t pay the 2025 note’s coupon initially due last month before the end of a grace period, potentially resulting in demands for immediate redemption of the note and acceleration of other debt.

Redsun also can’t guarantee it will be able to meet obligations on other offshore notes and bank loans as they come due.

The company has paid US$1.5bil (RM6.67bil) of principal and interest this year, including US$616mil (RM2.74bil) in offshore debt, according to the filing.

Still, “it remains under significant pressure,” said Redsun.

It’s hired Haitong International Securities Co as its financial adviser and Linklaters LLP as its legal adviser.

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Investors have had their doubts about timely payments from Redsun.

The stock has plunged nearly 60% this quarter.

Fitch Ratings downgraded Redsun and parent Hong Yang Group Co to C and then withdrew all grades, saying the firms have chosen to stop participating in the ratings process.

“A default-like process has begun” in the wake of Redsun’s interest-payment warning, said Fitch.

Chinese borrowers have defaulted on a record US$28.8bil (RM128bil) of offshore bonds this year, according to data compiled by Bloomberg, primarily dollar notes from property firms amid slumping home sales and limited financing channels.

The number is likely to rise further this year, according to Goldman Sachs analysts. — Bloomberg


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2 条回复
  1. →ó觜含ツ樱挑ǒ
    →ó觜含ツ樱挑ǒ
    (2022-10-03 00:16:26) 1#



    很可以啊

  2. 足球预测专家(www.99cx.vip)
    足球预测专家(www.99cx.vip)
    (2022-11-16 00:12:31) 2#

    因人力不足,日本政府鼓励各行业雇用高龄人士,“退而不休”成了响亮口号。日本一项最新调查凸显70岁以上高龄德士司机的比率不断增加。但是,业界雇用高龄司机也成了一道安全难题。作者三观很好

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