Jun 23, 2022 08:02 PM

BUSINESS

After Junk Downgrade, China’s Largest Developer Announces $441 Million Bond Buyback

Unlike many of private property firms, Country Garden has maintained a spotless debt repayment record and is one of the few private developers that still has financial institutions’ support to issue new onshore bonds. Photo: VCG

Unlike many of private property firms, Country Garden has maintained a spotless debt repayment record and is one of the few private developers that still has financial institutions’ support to issue new onshore bonds. Photo: VCG

China’s largest property developer by sales, Country Garden Holdings Co. Ltd., has bought back the majority of an offshore bond that was due next month, the company announced Thursday, after Moody’s cut its rating to junk.

In an exchange filing, Country Garden said it has repurchased $441 million of the offshore bond’s principal, representing 60.1% of the security’s total outstanding principal. The note has a coupon rate of 4.75% and will come due in July.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Asia New Vision Forum Kicks Off in Singapore

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: Former Securities Regulator Yi Huiman’s Corruption Probe

00:00

00:00/00:00

MOST POPULAR

1: Cover Story: Why Modi Won’t Play Cowboys and Indians With Trump, Opting Instead for Strategic Autonomy

2: Chinese Ex-Employee of U.S. Hedge Fund Two Sigma Faces Fraud Charges

3: Intel Names New China Chief Amid Business Transition and Market Shifts

4: China Doubles Down on Policy Drive to Boost Service Spending

5: XPeng Partners With Magna to Build EVs in Europe

SPONSORED

OR