Latest News

Defaulted Developer Launches Bond Again

Defaulted China property developer launched bond again. Kaisa Group, China's first developer defaulted on overseas bond in 2015, resurfaced and launched bond again.

Hong Kong-listed Group Kaisa said it raised USD805 million in three new bonds sales on September 20, mainly for refinancing purposes. That includes a USD95 million, 7.25% bond due in 2020, a USD100 million, 8.5% bond due in 2022 and a USD610 million, 9.375% bond due in 2024. The Shenzhen-based developer became the first Chinese developer to default on an offshore bond in 2015. The shares resumed trading in March after a two-year suspension despite three consecutive years of losses and a net debt-to-equity ratio of 348% at the end of June.

In the filing to Hong Kong stock exchange, the developer said the bonds will be listed in Singapore.

- APMR News

1/5
Featured

Copyright © APMR - Asia Property Market Review. All Rights Reserved.

  • Grey Facebook Icon
  • Grey Twitter Icon
  • Grey LinkedIn Icon
  • Grey Google+ Icon