China Property distress digest: grace period for Cogard's missed coupon expires this week; Guangdong–Hong Kong Greater Bay Area consent solicitation deadline

News Analysis 16 October

China Property distress digest: grace period for Cogard's missed coupon expires this week; Guangdong–Hong Kong Greater Bay Area consent solicitation deadline

This report, powered by Debtwire's Restructuring Database (click here for access), provides a weekly update on offshore-bond-issuing Chinese property developers – a heavily distressed cohort.

The tables and charts below list the developers’ upcoming corporate events, show the wave of defaults that have swept through the sector, provide an overview of completed workout processes and tally the developers that have been ordered to be wound-up or hit by winding-up petitions (see this Excel for more detailed information).


Missed payments on bonds

So far in 2023, five developers have missed payments on offshore bonds for the first time, down from 30 over the same period in 2022 (see table below). See the attached Excel for a full list of all developers that have missed payments on their offshore bonds since July 2020.


Restructuring processes

Since July 2021, a total of 32 developers have completed 42 processes to restructure 104 bond tranches with USD 33.1bn principal outstanding (see table below). Eight developers are currently engaged in workout processes, including two that have already completed some type of processes to restructure their offshore bonds since July 2021.

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