China SCE at record low as it seeks offshore debt restructure after default

China SCE group

05/10/2023 04:44

** Shares of China SCE Group  1966.HK  fall as much as 5.6%
to HK$0.255, their all-time low since debut in February 2010,
after it joined a long list of Chinese property developers who
have defaulted their offshore debt and begun a restructuring
process
    ** Stock extends losses for third straight session 
    ** Xiamen-based developer said on Wednesday non-payment on
syndicated loan has triggered a default under its dollar bonds
and it would explore a holistic solution to all its debt
    ** The market is also watching if China's largest private
developer Country Garden  2007.HK  will avoid a default again
mid-this month, by making $15 million coupon payment before
grace period ends
    ** Shares of Country Garden rise 3.5% and China Evergrande
 3333.HK  climbs 2.8%
    ** Hang Seng Mainland Properties Index  .HSMPI  rises 1.1%
and Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  climbs 1%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both rise 0.6%
    ** China SCE stock down 74% YTD 
    
    

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))