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Defaulted Developer Launches Bond Again

  • Writer: Admin
    Admin
  • Sep 22, 2017
  • 1 min read

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

 
 
 

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