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Business Maverick: Zhenro Default Gives Investors Reality Check: Evergrande Update

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Zhenro Properties Group Ltd defaulted for the first time in a reality check for investors after a three-week rally in Chinese builder stocks and bonds.

on two dollar bonds before a grace period ended on Saturday and warned it might not be able to meet three other coupons because of its liquidity woes. China’s high-yield dollar bonds fell 0.5 to 2 cents on the dollar Monday, according to credit traders. A gauge of property developer shares sank as much as 4.4%, in line with a broader sell-off amidMeanwhile, embattled developer Fantasia Holdings Group Co.

“Shanghai’s Covid outbreak is hurting both property sales and rental income of shopping malls,” said Patrick Wong, an analyst at Bloomberg Intelligence.Chinese high-yield dollar bonds fell 0.5 to 2 cents on the dollar Monday, credit traders said, after delivering three weekly gains according to a Bloomberg index.

CIFI Holdings Group Co.’s 5.5% note due 2023 fell 1.4 cents to 92.7 cents, the sharpest drop since March 15.Fantasia Holdings Group Co. and its majority-owned Colour Life property management arm entered agreements with Gortune Alternative Fund Management to conduct a review on the financial position and formulate plans for possible asset disposals, according to a Hong Kong stock exchange filing.

 

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