Redsun risks first dollar-bond default
The country’s 88th-largest builder by contracted sales said in a Hong Kong stock exchange filing it likely wouldn’t pay the 2025 note’s coupon initially due last month before the end of a grace period, potentially resulting in demands for immediate redemption of the note and acceleration of other debt.皇冠足球app（www.hg108.vip）是一个开放皇冠即时比分、代理最新登录线路、会员最新登录线路、皇冠代理APP下载、皇冠会员APP下载、皇冠线路APP下载、皇冠电脑版下载、皇冠手机版下载的皇冠新现金网平台。皇冠官网平台上登录线路最新、新2皇冠网址更新最快,皇冠体育APP开放皇冠会员注册、皇冠代理开户等业务。
HONG KONG: Redsun Properties Group Ltd is poised to become China’s latest developer to be delinquent on borrowings, warning it likely won’t pay a bond coupon before a looming deadline and may be unable to meet other debt obligations.
The country’s 88th-largest builder by contracted sales said in a Hong Kong stock exchange filing it likely wouldn’t pay the 2025 note’s coupon initially due last month before the end of a grace period, potentially resulting in demands for immediate redemption of the note and acceleration of other debt.
Redsun also can’t guarantee it will be able to meet obligations on other offshore notes and bank loans as they come due.
The company has paid US$1.5bil (RM6.67bil) of principal and interest this year, including US$616mil (RM2.74bil) in offshore debt, according to the filing.
Still, “it remains under significant pressure,” said Redsun.
It’s hired Haitong International Securities Co as its financial adviser and Linklaters LLP as its legal adviser.,
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Investors have had their doubts about timely payments from Redsun.
The stock has plunged nearly 60% this quarter.
Fitch Ratings downgraded Redsun and parent Hong Yang Group Co to C and then withdrew all grades, saying the firms have chosen to stop participating in the ratings process.
“A default-like process has begun” in the wake of Redsun’s interest-payment warning, said Fitch.
Chinese borrowers have defaulted on a record US$28.8bil (RM128bil) of offshore bonds this year, according to data compiled by Bloomberg, primarily dollar notes from property firms amid slumping home sales and limited financing channels.
The number is likely to rise further this year, according to Goldman Sachs analysts. — Bloomberg
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