HONG KONG (Reuters) -A group of offshore creditors of China South City is set to file a lawsuit against the debt-laden developer's biggest state-owned shareholder for dues, four sources said, in what would be the first such case in the crisis-hit property sector. China South City earlier this month missed a principal payment of $11.25 million on a dollar bond due on Feb. 9, and is deemed by creditors to be in default on offshore debts worth $1.3 billion, two bondholder sources said. The group of creditors, who have formed a so-called ad-hoc group, is preparing to file the lawsuit in a Hong Kong court against state-owned Shenzhen SEZ Construction and Development Group Co., which owns 29% of the company, the four sources said.
A group of offshore
creditors of China South City are set to file a
lawsuit against the debt-laden developer's biggest state-owned
shareholder for dues, four sources said, in what would be the
first...
Offshore creditors of debt-laden developer China South City plan to file a landmark lawsuit against the group’s biggest state shareholder. Multiple sources…
(Bloomberg) -- A Chinese property developer that’s partially owned by a state-run firm issued its strongest warning yet over a bond default, a development that likely will heighten investor scrutiny on government support of the beleaguered sector. Most Read from BloombergMusk Says Putin Can’t Lose in Ukraine, Opposes Senate BillWall Street Caught Off Guard by ‘Sticky’ CPI Signs: Markets WrapStanChart Weighs Break Up of Corporate, Investment BankPutin Seeks Revenge on a World Order He Once Wanted
The Shenzhen-based developer slumped 37 per cent to close at the lowest level since its 2009 listing as the market resumed trading after the Lunar New Year break, extending a slump in the past year to 76 per cent.
The aggregate consideration of US$3.8 million represents around 45 per cent of the aggregate principal amount of the China South City notes being disposed of,…
Asian junk-rated corporate bonds could be the surprise package for credit investors in 2024 as the worst of the debt defaults has passed and global borrowing costs decline, some managers said.