China: CIFI Holdings gets bondholder approval on restructuring plan
Shanghai-based CIFI defaulted on payments tied to a convertible bond in October, 2022, and has been working with its creditors for repayment solutions since.
Shanghai-based CIFI defaulted on payments tied to a convertible bond in October, 2022, and has been working with its creditors for repayment solutions since.
China accounts for about 25% of Kone's business, but the company's new equipment division has been struggling to contend with protracted property sector woes in the country since 2021.
The largest Chinese private developer, which has defaulted on its $11 billion offshore bonds and is working on an offshore debt restructuring plan, had in September extended the maturities of eight onshore bonds worth 10.8 billion yuan.
Landsea has joined a growing list of Chinese developers facing a lack of liquidity because of a sustained fall in the value of property in the country.
Heavily indebted Evergrande has become a symbol of the years-long crisis in China's property market, and last month its onshore unit was accused of a $78 billion revenue overstatement.
Gaspar said China's debt was increasing by about two percentage points of gross domestic product each year, but Chinese authorities had enough policy space and options to control deficits and debt.
Local state state-owned company Zhengzhou Urban Development Group Co. will buy 500 second-hand homes from April 20 to June 30, according to a notice released by the Zhengzhou Real Estate Association on Monday.
Accounting firm PwC on Monday rejected an anonymous letter that criticised the company's involvement in auditing beleaguered Chinese real estate giant Evergrande, saying the letter contained "false allegations".
New home prices in March dropped 2.2% from a year earlier, marking the biggest decline since August 2015, and worse than a 1.4% fall in February, according to Reuters calculations based on National Bureau of Statistics (NBS) data.
Investors have been selling off Vanke's shares and bonds in the past few weeks on liquidity concerns, triggering a rare central government directive to help the Shenzhen-based company.
S&P slashed the rating of China's second biggest developer by sales by a hefty three notches to BB+ from BBB+, leaving it one rung into 'junk' territory, or 'non-investment grade' as it is also known.