News Formal

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

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 84%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Russia to Halt Bond Sales for This Year as Interest Costs SurgeRussia will halt bond auctions for the remainder of 2022 due to prohibitive borrowing costs, Finance Minister Anton Siluanov was quoted as saying by Russian newspaper Izvestia.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: China’s Covid Outbreak Worsens as New Shanghai Cases Top 26,000China’s largest documented outbreak continues to spread despite an extended lockdown of Shanghai’s 25 million people, weighing on a fragile economy and straining global supply chains.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Tesla China Exports Slump to Just 60 Cars on Strong Local DemandTesla Inc. exported just 60 cars produced at its Shanghai factory in March, a record low as strong domestic demand sucked up most of the output, according to China Passenger Car Association data released on Monday.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Palladium Extends Gains After Suspension of Two Russian RefinersPalladium extended gains after the suspension of two state-owned Russian refiners by the London market and the CME Group added to concerns about potential supply disruptions from the key producing country. is south africa gona develop a car ?
Source: dailymaverick - 🏆 3. / 84 Read more »