Latest news with #GreentownChina
Reuters
18-02-2025
- Business
- Reuters
Developer Greentown to issue $350 mln additional bonds to refinance debt
Feb 18 (Reuters) - Greentown China ( opens new tab on Tuesday said it will issue an additional set of $350 million worth of bonds to help refinance its existing borrowings, mirroring a similar move it made last week. Get a look at the day ahead in Asian and global markets with the Morning Bid Asia newsletter. Sign up here.
South China Morning Post
14-02-2025
- Business
- South China Morning Post
Chinese developer Greentown to issue US$350 million bond to refinance debt
State-backed developer Greentown China said it would issue a US$350 million bond to help refinance its existing borrowings, the first major issuance of dollar-denominated debt by a mainland property firm since early 2022. The three-year notes issued by the Hangzhou-based company have a yield of 8.45 per cent, according to a filing on Friday with the Hong Kong stock exchange. Greentown said it would use the proceeds to refinance its debt and buy some of its outstanding notes. While the domestic bond issuance market has 'stayed somewhat open for selected developers throughout', Greentown's deal was the first of its kind by a Chinese home builder since a property crisis kicked off a few years ago, which could help 'boost its liquidity and provide headroom for new investments', S&P Global Ratings analysts said on Friday. 'The proposed issuance could also give Greentown more headroom for new investments,' the analysts said, noting that while nationwide property sales dropped 17 per cent from a year earlier in 2024, the company's decline was around 6 per cent. 'This could support its strategy to focus on high-quality residential products in higher-tier cities in China. The strategy has helped Greentown outperform its peers in terms of sales.' In a separate statement published on Thursday, Greentown said it had begun purchasing two outstanding bonds worth a total of US$741 million, both of which were due this year.
Reuters
13-02-2025
- Business
- Reuters
Property firm Greentown China to buy back $741 million bonds, plans dollar-debt offering
Feb 13 (Reuters) - Greentown China ( opens new tab will buy back $741 million of outstanding bonds and is also planning to issue U.S. dollar-denominated notes, both as part of a debt refinancing plan, the real estate company said on Thursday. The Hangzhou-based developer will buy back $446.5 million of its 4.7% senior notes and $294.5 million of its 5.65% senior notes, both due in 2025, it said. Greentown also said it plans to issue dollar-denominated senior notes, although the amount and other terms were yet to be finalized. Advertisement · Scroll to continue Report this ad The Hong Kong-listed company's refinancing comes amid heightened investor caution following a spate of defaults in China's property sector. Although Hong Kong's sector has not experienced similar defaults, investors remain concerned about companies' dwindling liquidity due to struggling residential and commercial property markets. Get a look at the day ahead in Asian and global markets with the Morning Bid Asia newsletter. Sign up here.
