Reported 8 months ago
Chinese developer Road King Infrastructure Ltd. issued a warning to investors, indicating a potential default if proposals to repurchase certain bonds at discounts and extend the repayment period are not accepted. The company offered to buy back five offshore dollar bonds at $257.50 to $515 per $1,000 principal amount, with maximum consideration capped at $60 million. Road King's liquidity challenges amidst Beijing's policy support measures highlight ongoing struggles in the Chinese property sector, with most cash reserved for domestic projects, and limited funds available for overseas obligations. The company's 6.7% dollar bond due September was trading at 52 cents on the dollar as of Thursday.
Source: YAHOO