(Bloomberg) -- Sunac China Holdings Ltd.’s key onshore unit has proposed taking two years to fulfill repayment obligations under a local currency note, the latest sign of distressed financials among developers as investors gear up for their earnings.
S&P Global (NYSE: SPGI ) Ratings withdrew its long-term issuer credit score on Sunac at the company’s request, according to a statement on Wednesday. Elsewhere, Kaisa Group Holdings Ltd (HK: 1638 )., is one of several developers to warn of a deadline miss in posting annual results.
Higher-rated Chinese builders’ dollar bonds rose on Wednesday, and a Bloomberg Intelligence index of shares gained as Harbin City announced plans to ease property control rules.
- Evergrande Investors Left Baffled by $2.1 Billion in Seized Cash
- S&P Withdraws Sunac China Ratings at Company’s Request
- Logan Group Unit Gets Bondholders’ Approval to Extend Local Note
- China’s Harbin City Plans to Scrap Property Control Rules
- Kaisa Says Work With Legal, Financial Advisors Is Still Ongoing
- Evergrande Says It’s On Track for Restructuring Plan by End-July
- China Developers Sunac, Shimao to Also Miss Earnings Deadline
Evergrande Not Symptomatic of Rest of Market: Kong (8:16 a.m. HK)
Teresa Kong, portfolio manager at Matthews Asia, spoke with Bloomberg Television about the debt woes that Chinese property developers face.
Investors in China Evergrande Group are still in the dark over just how $2.1 billion of deposits at its property-services unit came to be used as security for pledge guarantees and seized by banks. Kong spoke on “Bloomberg Daybreak: Australia.”
Sunac Unit Proposes Two Years for Bond Repayment (8:14 a.m. HK)
Sunac China’s key onshore unit has proposed taking two years to fulfill repayment obligations under a 4 billion yuan ($628 million) note that’s puttable April 1, according to two bondholders who were sent a notice of the offer by the note’s trustee Wednesday afternoon.
S&P Withdraws Sunac China Ratings at Company’s Request (8:06 a.m. HK)
S&P withdrew its B- long-term issuer credit rating on Sunac and the CCC+ long-term issue rating on the senior unsecured notes at the company’s request, according to a statement.
Ratings were on CreditWatch with negative implications at the time of the withdrawal.
©2022 Bloomberg L.P.
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