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Fitch Places CHINA VANKE on Rating Watch Negative
Recommend 4 Positive 3 Negative 3 |
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Following CHINA VANKE (02202.HK)'s announcement of a bondholders' meeting to discuss matters related to a debt extension for its RMB2 billion onshore bond maturing in mid-December, Fitch Ratings placed CHINA VANKE's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) of 'CCC-' and wholly-owned subsidiary Vanke Real Estate (Hong Kong) Company Ltd's Long-Term IDR of 'CCC-' on Rating Watch Negative (RWN), Fitch said. CHINA VANKE's available cash fell from RMB69 billion at end-June to RMB60 billion by end-September, with most of the cash expected to be pre-sale deposits, Fitch noted. Therefore, Fitch believed that CHINA VANKE may not have sufficient liquidity to pay the onshore bond on the original maturity date. CHINA VANKE faces about RMB6 billion of capital-market debt maturing in December 2025 and a further RMB12 billion in 2026, which may not be repaid without shareholder support, Fitch added. AASTOCKS Financial News Website: www.aastocks.com |
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