A bond trustee has joined as a petitioner to liquidate China developer Kaisa. XJ International Holdings faces a demand to repay over $3 million in defaulted bonds. Trading of Vanke's bond was halted before a 20% jump. Concerns arise over China Vanke's finances as it seeks to extend private debt repayments. Vanke aims to extend $695 million of debt owed to state-backed insurance companies, classified as an Event of Default.
China Vanke is trying to extend around 5 billion yuan ($695 million) of privately issued debt owed to two state-backed insurance sector companies that had already been extended once, sources with knowledge of the matter told Caixin. In technical terms, it is an Event of Default.
Chinese Property Giant Vanke Seeks More Time to Repay Debts as Market Slump Lingers https://t.co/cygNPCUBoF
In Depth: Despite gaining public support from its state-owned backers in November, concerns about the finances of China Vanke have resurfaced amid reports the property giant is seeking to extend the maturity of some of its private debt https://t.co/z3esc7PQN9
The trading of Vanke's 2027 due 3.7% onshore bond was halted before a 20% jump in the afternoon. #China #Vanke #property https://t.co/qM6hYFVi3X
Chinese private education giant XJ International Holdings Co. Ltd. said it has received a statutory demand from bondholders to repay more than $3 millions of defaulted bonds within three weeks. If it doesn’t, the creditors will seek liquidation of the company’s assets.… https://t.co/XGc5pKoRyH
Bond trustee becomes new petitioner to liquidate China developer Kaisa https://t.co/GD9gLxxqGG https://t.co/BJ3Mx1rP3I