UPDATE 1-China's Wanda chairman quoted on HK IPO challenge, bonds lose more on liquidity concerns
HONG KONG, April 24 (Reuters) - Chinese commercial property developer Dalian Wanda Group’s dollar bonds fell further on Monday, as investors remained concerned about prospects for its unit’s Hong Kong listing and its impact on the group’s liquidity.
Wanda chairman Wang Jianlin, once China’s richest man, told an internal meeting on Friday that the unit’s IPO was facing difficulties, and vowed to cut the company’s debt in the next two years, according to one attendee and another person familiar with the speech.
Wang said Wanda would stop acquiring land and halt new property management projects, one of the people added. They declined to be named as they were not authorized to speak to media.
Wanda declined to comment.
Notes due July 2023 of Wanda Properties Overseas dropped to 90.472 cents on the dollar by late Monday from 92 on Friday, according to Duration Finance.
The 2024 notes issued by Wanda Properties International Co slipped to 70.571 cents, while the 2025 notes and 2026 notes issued by Wanda Properties Global earlier this year declined to 59.701 and 56.665, respectively.
Zhuhai Wanda Commercial Management Group Co Ltd, a unit of China’s largest commercial property developer, has applied for an initial public offering in Hong Kong, but now also needs Chinese securities regulator’s approval under new rules introduced this year.
It is not clear when the approvals will be forthcoming.
Debtwire reported last week Wanda was talking to creditors of three offshore loans totalling $1.3 billion about waving their option to demand early repayment if its unit fails to complete the IPO by early May.
A source close to Wanda said on Monday it has agreed with the creditors to extend the IPO deadline to Nov. 30, averting a near-term repayment risk.
Wanda unit’s IPO timing has also drawn scrutiny of China’s securities regulator.
The China Securities Regulator Commission questioned in late March Wanda’s short-term repayment ability. It cited Zhuhai Wanda’s Hong Kong IPO application documents saying that if it fails to list by end of 2023 it will have to repurchase shares worth 30 billion yuan ($4.35 billion) from its pre-IPO investors.
No money to settle elderly pensions & insurance. No money to settle home buyer abandoned housing project. No money to settle jobless and pay cut. Waste a lot of money to feed white elephants. Father of white elephant.
For some people it's never about truth, it's simply propagandised by Americans.....China turn right or turn left also wrong...there is a way to fabricate, to twist and to turn...it's only words.
If Xi owned signature white elephant so huge, CCP will still continue to feed his pet kaw kaw. Just let their citizens eat grass loh.
CCP facing stagflation worse than inflation. Most people jobless, pay cut and stop paying housing loan in bad debt without purchasing power this is sign of bad recession. What to do, the evil leader pushing all the friends become their enemies. Only with evil brother Putin and Kim facing a strong enemy alliance.
Posted by IDQWE001 > 38 minutes ago | Report Abuse
CCP facing stagflation worse than inflation. Most people jobless, pay cut and stop paying ..........
Stagflation is characterized by rising prices and slowing economic growth or high unemployment. Fallen into bad debt trap and no money spending to boost up domestic consumption.
Question: If a person not work for the evil factory why can't he tell the truth ? or If a person work for the evil factory why can't he tell the truth ? very very pity it shows that the evil sopporter is hopeless and anxious. He knows that it was a truth but have to deny it because he can't answer it.
Stagflation is characterized by rising prices and slowing economic growth or high unemployment. Fallen into bad debt trap and no money spending to boost up domestic consumption.
Evil CCP very sick just take care of white elephants and ignore their citizens.
China is the only country in the world with large swap agreements with 100 countries. This is the humane compassionate thing to do to overcome financial crisis. Argentina is in financial crisis and started using China swap agreements and using yuan for imports.....has any rich country got any swap agreements with Argentina? Rich countries just want to lie, cheat and rob poor countries.
China far from in financial crisis is the healthiest finance with zero inflation with large swap agreements with 100 countries including Malaysia....and if Malaysia is in trouble China will come to the rescue with the swap agreements
A swap agreement is quick fast and targeted and effective when a country is in trouble....it is the most humane thing to do....yet never hear of rich countries offering swap agreements to poor countries.
Without swap agreements with China the only option is seek IMG loans and imf first condition is belt tightening cut social programmes and lelong the country to rich investors
Yeah, there is some truth to financial & liquidity problems in China. Due to the pandemic & housing meltdown over the last 3 years, even China's provincial governments are in debt which Bejing refused to assist.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by IDQWE001 > 2023-04-19 14:31 | Report Abuse
https://youtu.be/ZEZxZP4VTgA