China’s crushing “three red lines” policy against home developers continues to claim new victims as Yuzhou Group turned to creditors for forbearance on more than US$5 billion of debt from years of unrestrained offshore borrowing.The group is offering sweeteners to bondholders to delay repayment by a year on two dollar-denominated bonds worth US$582 million in a debt exchange plan, according to an exchange filing, citing significant short-term liquidity pressure. The notes are due this month…
Source : South China Morning Post
Read more…China’s ‘three red lines’ policy is about to crush another developer as Yuzhou Group seeks to swap bonds, delay coupon and weaken debt covenants
