Factbox: Chinese property developers' upcoming bond repayments

Radiance Holdings (Group)

25/07/2023 02:49

July 25 (Reuters) - Fresh signs of stress are emerging
in China's property sector, reigniting concerns that began with
China Evergrande Group's default  3333.HK  in 2021, as flagging
sales lead to cash crunches at the biggest developers.
    Bond principal, including puttable bonds, and coupon
payments by Chinese high-yield developers totalling $5 billion
are due by the end of September 2023, BofA Securities estimates.
    Dalian Wanda Group sold 49% of a subsidiary to help it repay
a $400 million bond due on July 23. State-backed developer
Greenland Holdings  600606.SS  missed repayments this month,
while Sino-Ocean Group  3377.HK  proposed extended terms for a 2
billion yuan ($278 million) bond due on Aug. 2. 
    Country Garden Holdings  2007.HK , the country's largest
homebuilder, in particular is facing heavy bond maturities in
the coming months, analysts said.

These are the 10 biggest upcoming repayments by Chinese property
developers due on onshore and offshore bonds:
    Paymen  Company                  Maturit  Curr  Outstanding type
    t (USD                           y        ency  
    millio                                          
    n)                                              
 1     545  Country Garden Holdings  Sep 2    CNY   Maturity 
                                     2023           
        31  Country Garden Holdings  Sep 2    CNY   Coupon
                                     2023           
 2     500  Xinhu Zhongbao Co        Sep 28   USD   Put
                                     2023           
        28  Xinhu Zhongbao Co        Sep 28   USD   Coupon
                                     2023           
 3     350  New Metro Global         Aug 5    USD   Maturity 
                                     2023           
        12  New Metro Global         Aug 5    USD   Coupon
                                     2023           
 4     308  Country Garden Holdings  Aug 1    CNY   Maturity 
                                     2023           
        14  Country Garden Holdings  Aug 1    CNY   Coupon
                                     2023           
 5     279  Country Garden Holdings  Sep 25   CNY   Put
                                     2023           
        12  Country Garden Holdings  Sep 24   CNY   Coupon
                                     2023           
 6     279  Sino-Ocean Group Holdin  Aug 2    CNY   Maturity 
                                     2023           
        11  Sino-Ocean Group Holdin  Aug 2    CNY   Coupon
                                     2023           
 7     250  Radiance                 Sep 17   USD   Maturity 
            Capital Investments      2023           
         6  Radiance                 Sep 17   USD   Coupon
            Capital Investments      2023           
 8     200  Zensun Enterprise        Sep 13   USD   Maturity 
            Holdings                 2023           
        13  Zensun Enterprise        Sep 13   USD   Coupon
            Holdings                 2023           
 9     200  Country Garden Holdings  Sep 14   CNY   Put
                                     2023           
         9  Country Garden Holdings  Sep 14   CNY   Coupon
                                     2023           
 1     140  Xinhu Zhongbao Co        Aug 10   CNY   Put
 0                                   2023           
        11  Xinhu Zhongbao Co        Aug 10   CNY   Coupon
                                     2023           
 
Data source: BofA Securities 

 (Reporting by Summer Zhen in Hong Kong; Editing by Vidya
Ranganathan and Jamie Freed)
 ((summer.zhen@thomsonreuters.com; 852-3462-7739;))