China's Country Garden rises on maturity extension nod for one more onshore bond

KWG group

13/09/2023 05:11

** Shares of Country Garden Holdings  2007.HK  jump as much
as 14% to HK$1.22, their highest since Sept 7, after the
cash-strapped Chinese developer gets maturity extension approval
for one more onshore bond
    ** Stock on course for a second session of gains, and is the
third most actively traded shares by turnover on the Hong Kong
bourse and fifth-biggest pct gainer in Hang Seng Composite Index
 .HSCIPC , which tracks properties and construction stocks 
    ** Country Garden has secured approval from its creditors to
extend the maturity of one more onshore bond by three years, two
sources with knowledge of the matter said, as the distressed
developer scrambles to avoid a default
    ** Country Garden's onshore creditors voted on Monday for
proposals by the developer to extend repayments on eight onshore
bonds worth 10.8 billion yuan ($1.48 billion) by three years. Of
those, maturity extensions for six have been approved
    ** Other Chinese property stocks rise with China Evergrande
 3333.HK , Sunac China  1918.HK , Agile  3383.HK , KWG
 1813.HK , Powerlong  1238.HK  and Guangzhou R&F Properties
 2777.HK  up between 1.2% and 28.6%
    ** Hang Seng Mainland Properties Index  .HSMPI  gains 0.9%,
Hang Seng Composite Index  .HSCIPC  climbs 0.8%, while Hang Seng
Index  .HSI  slips 0.2%


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