Country Garden jumps after co wins repayment extension for 6 onshore bonds

KWG group

12/09/2023 04:55

** Shares of Country Garden Holdings  2007.HK  jump as much
as 9.7% to HK$1.13 after the embattled Chinese property
developer wins repayment extension for six onshore bonds
    ** Stock is the third-biggest pct gainer in Hang Seng
Composite Index, which tracks properties and construction stocks
 .HSCIPC  
    ** Country Garden, China's largest private property
developer, has won approval from its creditors to extend the
repayments on six onshore bonds by three years, two sources
familiar with the matter said on Tuesday 
    ** In the voting concluded on Monday, creditors approved
extending six of the eight bonds, while the other two bonds will
see voting delayed, according to the sources 
    ** Onshore creditors voted for proposals by the distressed
developer to extend repayments on eight onshore bonds worth 10.8
bln yuan ($1.48 bln) by three years
    ** Country Garden's property services arm Country Garden
Services Holdings  6098.HK  gains 1.3% 
    ** Other Chinese property stocks climb with China Evergrande
 3333.HK , Powerlong  1238.HK , Guangzhou R&F Properties
 2777.HK , KWG  1813.HK , Sunac China  1918.HK  and Greentown
China  3900.HK  up between 0.8% and 16.9%
    ** Hang Seng Mainland Properties Index  .HSMPI  rises 1.3%, 
Hang Seng Composite Index on properties and construction stocks
 .HSCIPC  climbs 0.5% and Hang Seng Index  .HSI  edges up 0.1%


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