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The Evergrande Escapade Continues

Posted on October 14, 2021

The Evergrande escapade continues. Evergrande missed coupon payments on two USD denominated bonds in September. Now, with their 30 day grace period nearing, a $260 million USD bond issued by Jumbo Fortune Enterprises and guaranteed by Evergrande came due 10/3/2021, but creditors went unpaid. These continued defaults among real estate firms are leaving investors feeling uneasy about what this means for the sector, as well as China as a whole. Below is a list of upcoming coupons payments through year-end for Chinese real estate developers along with the current price and YTW. 

Bond Amount Outstanding Next Coupon Date Price YTW
Powerlong Real Estate Hldg LTD (USD) 3.9% 4/13/2022 200 10/14/2021 92.375 20.92305714
Future Land Dev Hldgs LTD (USD) 6.15% 4/15/2023 200 10/15/2021 93 11.35638258
Kunming Construction (USD) 5.8% 10/17/2022 500 10/17/2021 94.75 11.47527052
E-House China Hldg LTD (USD) 7.625% 4/18/2022  RegS 300 10/18/2021 74.875 75.97042822
Logan Group Co. Limited (USD) 5.25% 10/19/2025 300 10/19/2021 82.125 10.8654616
Country Garden Holdings Co. LTD (USD) 3.125% 10/22/2025 1000 10/22/2021 87.75 6.64777768
Country Garden Holdings Co. LTD (USD) 3.875% 10/22/2030 500 10/22/2021 85 6.05788305
Central China Real Estate (USD) 7.25% 4/24/2023  RegS 300 10/24/2021 46.75 68.94090727
Ronshine China Hldgs Ltd. (USD) 8.75% 10/25/2022 700 10/25/2021 52.625 87.54293303
Greentown China Holdings Limited (USD) 4.7% 4/29/2025 300 10/29/2021 95.75 6.05132615
Powerlong Real Estate Hldg LTD (USD) 5.95% 4/30/2025 400 10/30/2021 80.875 12.8243954
Central China Real Estate (USD) 7.9% 11/7/2023 200 11/7/2021 40.625 63.24374393
Powerlong Real Estate Hldg LTD (USD) 7.125% 11/8/2022 300 11/8/2021 86.375 22.17265034
KWG Property Holding Limited (USD) 5.875% 11/10/2024 625 11/10/2021 77.5 15.33209678
Powerlong Real Estate Hldg LTD (USD) 4.9% 5/13/2026 200 11/13/2021 83 9.57107388
Central China Real Estate (USD) 7.75% 5/24/2024 300 11/24/2021 40.125 52.25807313
Country Garden Holdings Co. LTD (USD) 5.4% 5/27/2025 Reg S 544 11/27/2021 94 7.3153154
Jinke Properties Group Co. LTD (USD) 6.85% 5/28/2024 325 11/28/2021 77.75 17.83606063
Ronshine China Hldgs Ltd. (USD) 8.1% 6/9/2023 316 12/9/2021 47.25 64.40947788
E-House China Hldg LTD (USD) 7.6% 6/10/2023 300 12/10/2021 63.5 39.71150048
Logan Group Co. Limited (USD) 4.85% 12/14/2026 300 12/14/2021 81.125 9.56363218
Ronshine China Hldgs Ltd. (USD) 7.35% 12/15/2023 410 12/15/2021 46.375 50.90266307
Tuspark Forward LTD (USD) 6.95% 6/18/2022 522.5 12/18/2021 50.25 39.33725388
Xian Construction Invest (USD) 4% 6/24/2022 500 12/24/2021 101.125 2.34669026
China Evergrande Group (USD) 7.5% 6/28/2023 1344.921 12/28/2021 20.125 142.8201026
China Evergrande Group (USD) 8.75% 6/28/2025 4680.476 12/28/2021 19.625 75.62186182
Leading Hldg Group Limited (USD) 12% 6/27/2022 150 12/28/2021 98.875 13.66576182
Yuzhou Group Hldg Company Limited (USD) 12% 6/30/2022 100 12/31/2021 99.375 12.8278691

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