China Regulators Scrutinize Offshore Debt-Swap Bonds Used by Distressed Developers
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China’s securities regulator has recently returned offshore filing applications from several defaulted property developers seeking to issue mandatory convertible bonds for debt restructuring, requesting supplementary materials, Caixin learned from multiple sources.
The regulatory hurdle disrupts a popular strategy used by distressed builders to shed billions of dollars in foreign liabilities. Recent reports indicate that Country Garden Holdings Co. and Sino-Ocean Group Holding Ltd. are among the developers facing filing setbacks.
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