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.

Find new investments, capture flow, and win more deals.

The first end-to-end platform for leveraged capital markets professionals merging human insights and machine intelligence to deliver groundbreaking predictive analytics.

Request a demo

Recommended Debtwire event

03
Jun

Debtwire Private Credit Forum New York 2026

Convene Brookfield Place, 225 Liberty, New York

Move your private credit strategy forward with Debtwire

Debtwire’s Private Credit Forum New York is the must-attend gathering for professionals shaping the future of private credit. As the market grows more competitive and complex, the forum delivers timely intelligence, expert perspectives, and unmatched access to the people driving capital decisions.

For LPs, it’s an opportunity to assess market trends, uncover new strategies, and build stronger relationships with fund managers. GPs can connect with investors, showcase their approach, and differentiate themselves in a crowded market. Advisors gain critical insight into the challenges and opportunities redefining private credit, ensuring they stay one step ahead.

image image image image image image image image image image image image image image image image image image image image image image image image image image image image image image image image image image image image
label_outline Debtwire