(Bloomberg) – Who will survive in the Chinese real estate sector is becoming a key issue for investors as the credit market in the country has experienced the biggest turmoil in recent years.
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The rise in Chinese unwanted dollar bond yields in October, which briefly reached 20%, made it almost impossible for stressed developers to refinance their overdue debt. Such companies have just over $ 2 billion in land and dollar bonds matured in November, according to data compiled by Bloomberg. At least four builders missed last month, while China Evergrande Group prevented that fate twice by paying overdue coupons at 11 p.m.
The developer is due to defer deferrals for another $ 148 million in bond interest this month, while $ 82.5 million falls due in Evergrande Scenery Journey Ltd.
Below is a week-by-week calendar of accrued interest and bond principal for developers whose debt offers the worst returns from year to date on the Bloomberg Index of High-Yield Chinese Dollar Bonds. Some coupons may have a standstill period, unless otherwise stated, and the data exclude non-compliant companies.
Week 1 (November 1-7) – $ 104 million
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Scenery Journey coupon worth $ 41.9 million in stock until 2022, first deadline November 6
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Scenery Journey coupon worth $ 40.6 million in stock until 2023, first deadline Nov. 6
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Zhenro Properties Group Ltd. coupon worth $ 13.7 million at an ATM with a maturity of 2023, first term Nov. 6
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Central China Real Estate Ltd. coupon worth $ 7.79 million in stock by 2023, first deadline Nov. 7
Week 2 (November 8-14) – $ 1.15 billion, including deferrals
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Central China Real Estate $ 363.2 million banknote due on November 8, plus $ 12.3 million in interest (the company says it has begun the repayment process)
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Evergrande coupon worth $ 68.9 million in stock by 2022, standstill expires Nov. 10
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Evergrande coupon worth $ 42.5 million in stock by 2023, standstill expires Nov. 10
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Evergrande coupon worth $ 36.75 million in stock until 2024, standstill expires Nov. 10
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Yango (Cayman) Investment Ltd. coupon worth $ 17.8 million in stock 2023, first deadline Nov. 10
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Kaisa Group Holdings Ltd. a $ 58.5 million coupon at an ATM with a maturity of 2025, the first deadline is Nov. 11
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Kaisa coupon for $ 29.9 million in stock by 2023, first deadline Nov. 12
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Yango Justice International Ltd. The $ 247 million banknote due in 2023 is repayable, and the first deadline for the $ 12.35 million coupon is November 12.
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Rongxin (Fujian) Investment Group Co. The 1.5 billion yuan ($ 235 million) banknote maturing by 2023 can be cast and the first deadline for the 108 million yuan coupon is November 12.
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Xinyuan Real Estate Co. 75.15 million yuan coupon in stock until 2025, the first deadline November 13
Week 3 (November 15-21) – $ 594 million
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Yango Justice coupon worth $ 9.9 million in stock by 2025, first term Nov. 17
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Agile Group Holdings Ltd. a $ 12.4 million coupon at an ATM with a maturity of 2026, the first deadline is November 17th
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Easy Tactic Ltd. coupon worth $ 17.2 million in stock by 2023, first deadline Nov. 17
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Easy Tactic coupon worth $ 22.3 million in stock until 2022, first deadline Nov. 18
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Agile $ 200 million banknote and $ 3.83 million interest due on November 18
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Zhenro $ 192.5 million banknote and $ 5.66 million interest due on November 18
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Banknote worth 603 million yuan and 35 million yuan interest until November 19
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China South City Holdings Ltd. coupon worth $ 10 million in stock until 2022, first deadline Nov. 20
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Zhongliang Holdings Group Co. coupon worth $ 12.75 million in stock by 2022, first deadline Nov. 20
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Redsun Properties Group Ltd. coupon worth $ 7.67 million at an ATM with a maturity of 2024, the first deadline is November 21st
Week 4 (November 22-28) – $ 243 million
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Zhongliang $ 200 million banknote and $ 8.83 million interest due on November 22
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Central China Real Estate coupon worth $ 11.5 million in stock by 2024, first term Nov. 24
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Yuzhou Group Holdings Co. coupon worth $ 17 million in stock by 2025, first deadline Nov. 27
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Rongxin 39 million yuan coupon in stock until 2024, deadline November 28
Week 5 (November 29 – December 5)
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