The current coupon rate is 5.375% and the yield to maturity is 11.7%.
A creditor who claimed that he held about US $1million of old bills issued a statutory demand for repayment to Yuzhou.
Yuzhou group said that the board of directors wanted to make it clear to all creditors that the company intends to treat all creditors fairly, and is considering various feasible measures to implement an overall solution to the current situation of the company and its real estate industry, so as to ensure the long-term development of the company and protect the rights and interests of all investors.
Fitch once believed that Yuzhou group is basically unable to enter the capital market at present, and will have to rely on asset disposal, debt exchange or internal cash resources to repay its debts.
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A person from an overseas financial institution analyzed that although the offer can avoid breach of contract in the legal sense, they usually regard it as a signal that the enterprise is facing major challenges in its operation.
agreed to purchase 85.64% of the issued share capital of Jiancai Co., Ltd.
At present, some people who claim that they hold minority interests in the old notes have contacted the company, saying that if the company does not redeem the old notes according to their conditions, it will take legal action against the company.
The removal rate was 66%.
Taijie Co., Ltd.
The liquidation of such debts is generally approved and will accelerate the repayment process of the undue bonds.
As of the date of this announcement, the outstanding principal of note II in 2023 is US $500million.
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Previously, Yuzhou group said that it had completed the exchange offer of notes in 2022 and notes II in 2022, and realized the extension of old bonds that exceeded 95% of the total principal amount of old bonds.
The repayment dates of the remaining 11 bonds are distributed from 2022 to 2027.
In 2020, Yuzhou group achieved contract sales of 104.967 billion yuan, a year-on-year increase of 39.74%, and the contract sales area was 6.2647 million square meters, a year-on-year increase of 10.9%.
Yuzhou indicated that the above non payment has constituted an event of default under note II in 2023.
The company expects to maintain dialogue with all creditors and urges all creditors to assist the company to actively promote the discussion of the plan.” Huanglichong, President of Huisheng international capital, said that this part of the creditors who do not agree with Yuzhou’s exchange offer can apply for liquidation if Yuzhou does not pay its debts.
At the beginning of February, Fitch lowered the rating of Yuzhou group again from “ccc-” to “Rd (restrictive default)”.
There are no matured bonds in 2021.
This means that waiting for Yuzhou is likely to be the same awkward situation as huaxinian and the Olympic garden.
On February 22, Yuzhou group announced that its wholly-owned subsidiary zhuoshun Co., Ltd., the company and guoyinglan (both guarantors of zhuoshun Co., Ltd.) entered into a sale and purchase agreement with Taijie Co., Ltd.
The two companies that have defaulted on overseas debts have been applied for compulsory measures by a small number of creditors.
On March 1, Yuzhou group announced that the company was still facing great pressure.
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The current purchase price was $750.88, falling by $249.12, or 25%.
As of the date of this announcement, the company has not received any notice of immediate repayment from the holders of 2023 note II, and as of the date of this announcement, no event of default has occurred in any consent seeking notes (except 2023 note II), new notes and US $300million senior perpetual bonds (stock code 05287) issued by the company.
Yuzhou group wrote in the announcement, “the company urges all creditors not to take any radical legal action that may be detrimental to the realization of the above overall solution and undermine the stability of the company.
Yuzhou group entered the “100 billion club” with a dark horse trend, but in only one year, it encountered a debt crisis.
Among the 12 bonds in existence, there is one perpetual bond.
Yuzhou group announced that the holders of notes II in 2023 can demand immediate payment of principal and accrued interest.
Compared with other similar real estate enterprises, Yuzhou group has a strong desire to “break its arms to survive”, and the news of boosting confidence has been coming.
If the market financing channels remain closed, Yuzhou group may run out of internal cash in order to repay its onshore and offshore debts.
and agreed to accept the company’s sales loan, with a total consideration of about HK $350million..
By August 6, 2021, Yuzhou group had 12 existing investable US dollar bonds, with a total issuance of US $5.71 billion and a current duration of US $545million.
It was issued on january25,2017, with an issue amount of $300million and an issue price of $1000.
It is expected that it will continue to face the refinancing pressure of capital market debts in the next 6 to 9 months.
The total annual repayment amounts are $592million, $1.15 billion, $1billion, $900million, $945million and $562million respectively.
On March 7, Yuzhou group, a 100 billion real estate enterprise, announced on the Hong Kong stock exchange that the interest on 8.5% of the priority notes due in 2023 would be due and payable on February 4, 2022, but the 30 day grace period had expired and the company had not paid the relevant amount before the expiration.
