Shimao Defaults on Trust Loan, R&F Bonds Fall

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China Credit Trust said a unit of designer Shimao Group Holdings has defaulted on a trust item with 645 million yuan (S$137.6 million) of late installment, as per a notification sent to investors seen by Bloomberg. China Credit Trust requested early reimbursement on the item after the developer neglected to meet instalment prerequisites, as indicated by the notification. Shimao dollar bonds fell at least 10 cents on the dollar, as indicated by information assembled by Bloomberg. Independently, Guangzhou R&F Properties Co’s. securities drooped after the designer cautioned it’s battling to track down adequate funds to partially repay a note maturing next week.

R&F’s 5.875% dollar note due 2023 fell 7.7 cents to 29.2 cents, according to Bloomberg-compiled data, set for its largest drop in five weeks. Debt from some peers including Zhenro Properties Group Ltd. were poised for the biggest declines in two months.

R&F said cash earmarked for a partial repayment offer may be materially less than the expected $300 million because of delays to some planned asset sales. “The Group is continuing to take active measures to shore up its liquidity position,” it said in an exchange filing.

Key Developments:

China Credit Trust Says Shimao Unit Defaulted on 645M Yuan Loan

Shimao Pledges 265m Shares of Shanghai-Listed Unit for Loans

Developers Lead Fresh Declines in China High Yield Dollar Bonds

China Seen Delaying Property Tax Trials Until Market Improves

Guangzhou R&F’s Bonds Plunge on Cash Worries as Deadline Looms Evergrande’s Condemned Towers on China’s Hawaii Show Threat

Guangzhou R&F Sees Funds for Tender Offer Settlement Below $300m Hard Landing in Property Market Would Crater China’s Economy

Shimao unit defaults on trust loan (4:24 p.m. HK) China Credit Trust raised funds for Shimao by selling a high-yielding investment product to investors. It also oversees payments from the borrower. China Credit Trust and Shimao did not immediately respond to Bloomberg requests for comment.

Yuzhou Group Holding Co.’s bonds fell further, following REDD’s report that the developer has held talks with advisers about a possible debt swap and a deal of as much as 1.06 billion yuan to sell a property management business. Property tax trials may be delayed, analysts predict (1:30 p.m. HK)

Chinese junk-rated dollar bonds fell as much as 2 cents on the dollar on Thursday, with developers continuing to lead this week’s declines, according to credit traders. Developers’ dollar bonds drop (3:22 p.m. HK)

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