China's Fantasia proposes $1.3 billion debt to equity swap for creditors
Cheering the restructuring agreement, shares of Fantasia jumped more than 11% on Tuesday morning, outperforming the 0.4% fall in the Hang Seng Mainland Properties Index.
Cheering the restructuring agreement, shares of Fantasia jumped more than 11% on Tuesday morning, outperforming the 0.4% fall in the Hang Seng Mainland Properties Index.
The 30-year-old now pays 6,000 yuan of her 8,000 monthly salary on the mortgage for the 1.1 million yuan apartment and another 1,800 yuan to rent another one, relying on her parents for other basic expenses.
The CICC-SCPG Consumption Infrastructure real estate investment trust (REIT) listed in Shenzhen is backed by shopping centres owned by SCPG Holdings, the commercial property platform of Vanke.
Hong Kong's Hang Seng Mainland Properties Index jumped 4.3% in the morning session, while mainland China's CSI 300 Real Estate Index surged 6.9%, both to near four-month highs.
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.