Close Menu
Fund Focus News
    Facebook X (Twitter) Instagram
    Trending
    • Stable ETFs, Payment Altcoins, and a Meme Coin That Pays You Back
    • Giants’ Willy Adames ends crazy drought with San Francisco history not done since Barry Bonds
    • Mexican government unveils $540M industrial hub to lure investments
    • ‘People Might Be Underestimating Demand For Spot XRP ETFs,’ ETF Expert Says As CME XRP Futures Set Open Interest Record
    • SoftBank, Rakuten tap Japan’s booming retail demand for bonds
    • Financial advice about living trusts, capital gains and COBRA
    • What is Expense Ratio in Mutual Funds? – Money Insights News
    • Billionaires Buy 2 Magnificent Index Funds That a Wall Street Analyst Says Could Soar 132%
    Facebook X (Twitter) Instagram
    Fund Focus News
    • Home
    • Bonds
    • ETFs
    • Funds
    • Investments
    • Mutual Funds
    • Property Investments
    • SIP
    Fund Focus News
    Home»Bonds»Chinese developer R&F Properties defaults on US$147 million bond interest payments
    Bonds

    Chinese developer R&F Properties defaults on US$147 million bond interest payments

    August 12, 2024


    Chinese developer R&F Properties missed interest payments on three offshore notes in another sign of escalating troubles for the country’s home builders amid a gruelling property market downturn.

    The developer failed to pay interest on three dollar-denominated notes issued by its subsidiary Easy Tactic, which was due on July 11, it said in a filing to the Hong Kong stock exchange on Sunday. The three bonds have US$4.53 billion in total face amount outstanding.

    The US$147.1 million semi-annual interests on the bonds were due on July 11 and the developer has not paid bondholders even after a 30-day grace period. This non-payment may prompt the note holders to demand accelerated repayment, according to the filing.

    The company, based in Guangzhou in southern Guangdong province, is talking bondholders for a solution and will consider all possible actions regarding its offshore debts. The firm has engaged Alvarez & Marsal as its financial adviser and Sidley Austin as its legal adviser for the process.

    R&F shares fell 2.5 per cent to HK$0.77 on Monday.

    10:57

    Boom, bust and borrow: Has China’s housing market tanked?

    Boom, bust and borrow: Has China’s housing market tanked?

    Despite measures issued by China’s central and local authorities to support property developers and shore up sentiment, the nation’s slumping property market is seeing little sign of recovery. Home prices fell for a 13th consecutive month in July, while land purchases by the biggest developers slumped 38 per cent from a year earlier.

    R&F said it sold One Nine Elms, a mixed-use skyscraper in London, three months ago to relieve debt pressure, and will aim to sell its equity interest in certain project development companies to generate additional cash inflows”.

    “Since the second half of 2021, the mainland property market has slowed down and real estate developers have been confronted with unprecedented difficulties with regard to liquidity and financing,” R&F said. Progress in properties sales among real estate developers is slow, it added.

    One Nine Elms in London. Photo: Handout
    The group is not alone. Mainland-based Kaisa Group and Times China Holdings, which have defaulted on a combined US$15 billion in offshore debts and are facing winding-up petitions, were granted extra time by Hong Kong’s High Court on Monday to put together restructuring plans.
    Meanwhile, the liquidators of China Evergrande said last Friday there was no path to restructuring in the absence of substantial new investment given the company’s debt load and its various business challenges. It defaulted on some US$20 billion of bonds and were ordered to fold in January.

    R&F said its business operations remain normal and that it will “work relentlessly to ensure the delivery of properties, accelerate the sales of properties and stabilise its business operations”.

    “Despite the strained market environment, the group remains hopeful that the real estate market in mainland China will gradually recover with the central government’s introduction of policies promoting healthy recovery of the real estate industry,” the company said.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

    Related Posts

    Giants’ Willy Adames ends crazy drought with San Francisco history not done since Barry Bonds

    August 31, 2025

    SoftBank, Rakuten tap Japan’s booming retail demand for bonds

    August 31, 2025

    Hong Kong reduces coupon in 10th batch of Silver Bonds ahead of Fed’s expected rate cut

    August 29, 2025
    Leave A Reply Cancel Reply

    Top Posts

    Stable ETFs, Payment Altcoins, and a Meme Coin That Pays You Back

    August 31, 2025

    The Shifting Landscape of Art Investment and the Rise of Accessibility: The London Art Exchange

    September 11, 2023

    The Unyielding Resilience of the Art Market: A Historical and Contemporary Perspective

    November 19, 2023

    The Evolution of Art and Art Investments: A Historical Perspective on Fruitful Returns and Wealth Management

    August 21, 2023
    Don't Miss
    ETFs

    Stable ETFs, Payment Altcoins, and a Meme Coin That Pays You Back

    August 31, 2025

    MAGAX sets itself apart with fundamentals that go beyond hype. Its deflationary supply model creates…

    Giants’ Willy Adames ends crazy drought with San Francisco history not done since Barry Bonds

    August 31, 2025

    Mexican government unveils $540M industrial hub to lure investments

    August 31, 2025

    ‘People Might Be Underestimating Demand For Spot XRP ETFs,’ ETF Expert Says As CME XRP Futures Set Open Interest Record

    August 31, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    EDITOR'S PICK

    New mortgage rules to boost luxury housing market, experts say

    October 17, 2024

    Les bénéfices de China Financial International Investments diminuent au premier semestre

    March 26, 2025

    Pure Funds boucle son augmentation de capital et prévoit une nouvelle moisson

    June 12, 2025
    Our Picks

    Stable ETFs, Payment Altcoins, and a Meme Coin That Pays You Back

    August 31, 2025

    Giants’ Willy Adames ends crazy drought with San Francisco history not done since Barry Bonds

    August 31, 2025

    Mexican government unveils $540M industrial hub to lure investments

    August 31, 2025
    Most Popular

    🔥Juve target Chukwuemeka, Inter raise funds, Elmas bid in play 🤑

    August 20, 2025

    ₹10,000 monthly SIP in this debt mutual fund has grown to over ₹70 lakh in 23 years

    June 13, 2025

    ₹1 lakh investment in these 2 ELSS mutual funds at launch would have grown to over ₹5 lakh. Check details

    April 25, 2025
    © 2025 Fund Focus News
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.