Chinese property sector bonds take fresh pummelling

Greenland Hong Kong Holdings

08/10/2021 11:48

LONDON, Oct 8 (Reuters) - Chinese property firms watched
their bonds take another beating on Friday, as the prospect of a
wave of defaults in the sector in the wake of the China
Evergrande troubles kept investors fleeing.
    Greenland Holdings  0337.HK , which has built some of the
world's tallest residential towers including in Sydney, London,
New York and Los Angeles, saw one of its dollar-denominated
bonds drop 10 cents to almost half its face value.
 XS201676843=1M 
    Kaisa Group, which became the first Chinese property
developer to default back in 2015, saw one of its bonds slump 9
cents  XS207824798=1M , while R&F Properties  XS212517208=1M 
and Central China Real Estate  XS203719051=1M  bonds also
suffered widespread selling.
    The moves came as credit rating agency Fitch became the
latest to downgrade another of the sector's debt-saddled firms, 
Xinyuan Real Estate  XIN.N , after it announced a plan to swap
and extend the payment deadline of a bond due next week.
 urn:newsml:reuters.com:*:nFWN2R31AP
    Fitch said it considered the move "a distressed debt
exchange", adding the replacement bond would also give buyers
less protection if the company defaulted in the future.  urn:newsml:reuters.com:*:nFIT1qfJ4d

 (Reporting by Marc Jones; Editing by Tom Arnold)
 ((marc.jones@thomsonreuters.com; +44 (0)20 7513 4042; Reuters
Messaging: marc.jones.thomsonreuters.com@reuters.net  Twitter
@marcjonesrtrs))