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S&P cuts Chinese state-backed developer Greenland to 'selective default'

By Clare Jim HONG KONG (Reuters) - Chinese state-backed Greenland Holdings Corp Ltd was on Wednesday downgraded to "selective default" by rating agency S&P Global (NYSE:SPGI),...
S&P cuts Chinese state-backed developer Greenland to 'selective default' © Reuters. FILE PHOTO: A sign of Greenland Holdings Corp. Ltd. is seen on its building in Beijing, China March 11, 2022. REUTERS/Tingshu Wang

By Clare Jim

HONG KONG (Reuters) - Chinese state-backed Greenland Holdings Corp Ltd was on Wednesday downgraded to "selective default" by rating agency S&P Global (NYSE:SPGI), after the property developer extended the maturity of its $500-million bonds by one year.

Shanghai-based Greenland is the first state-backed developer to extend a dollar-bond payment since the country's property sector plunged into a debt crisis, triggering a string of defaults, last year.

"We view the transaction as a distressed debt restructuring and tantamount to a default," S&P said in a statement explaining the "selective default" rating, adding Greenland likely would have lacked the resources and funding options to fully repay the notes upon maturity had they not been extended.

The latest downgrade comes amid renewed concerns about the sector, with property developers scrambling to boost sales after a nosedive in transactions in January to May, as China's strict COVID-19 curbs and economic downturn hit sentiment.

A desperate developer in China's softening property market is coming up with a novel promotion to attract buyers, recently offering to take wheat and garlic as downpayments.

Among private developers, many players have already offered bond exchanges to ease their liquidity pressures while a few, including China Evergrande Group and Sunac China, have defaulted on some payments.

Greenland, China's No. 7 property developer and highly leveraged, became swept up in a sector-wide debt crisis that roiled international markets last year amid fears that a large-scale developer collapse could derail the economy.

Like many of its peers, it reeled from tighter caps on debt ratios introduced in January 2021 that resulted in a liquidity squeeze across the sector.

Reuters last year revealed Greenland's financial straits and subsequent bailout, highlighting more active and targeted action being taken by authorities as they sought to limit risks posed by the industry.

Greenland, responsible for marquee projects at home and abroad, last week secured bondholders' approval to extend the maturity of its 6.75% notes - with $488 million outstanding - by one year to June 25, 2023.

S&P said Greenland still faces a significant amount of offshore debt maturities over the next 12 months, totalling about $2.4 billion.

In an exchange filing last month, Greenland said the group's business operations, financial performance and short-term liquidity had been adversely affected by COVID-19 outbreaks in Shanghai and across the country as well as the pandemic control measures.

Wu Zhengkui, general manager of Greenland's finance department, told investors the firm was "fully capable" of repaying on time three other bond tranches due later this year, as the June payment was only affected by cashflow disruptions due to lockdowns since March, according to a memo seen by Reuters.

The bond in question traded at 46.6 cents on the dollar on Wednesday, compared to 46.7 cents in the previous session.

Shares of Greenland listed in Shanghai eased 1.3%, versus a 0.9% drop in the CSI Real Estate Index.

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30-06-2022 04:24:22 (UTC+7)

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    EUR/USD 1.0445 ↑ Buy  
    GBP/USD 1.2122 Sell  
    USD/JPY 136.57 ↑ Buy  
    AUD/USD 0.6880 Sell  
    USD/CAD 1.2893 ↑ Buy  
    EUR/JPY 142.64 ↑ Buy  
    EUR/CHF 0.9976 ↑ Buy  
    Gold 1,819.20 ↑ Sell  
    Silver 20.733 ↑ Sell  
    Copper 3.7717 ↑ Buy  
    Crude Oil WTI 109.63 ↑ Buy  
    Brent Oil 112.28 ↑ Buy  
    Natural Gas 6.416 Neutral  
    US Coffee C 228.05 ↑ Sell  
    Euro Stoxx 50 3,514.32 Neutral  
    S&P 500 3,818.83 ↑ Buy  
    DAX 13,003.35 ↑ Sell  
    FTSE 100 7,312.32 Sell  
    Hang Seng 21,996.89 Neutral  
    Small Cap 2000 1,713.32 Neutral  
    IBEX 35 8,188.00 ↑ Buy  
    BASF 41.580 ↑ Sell  
    Bayer 57.62 Neutral  
    Allianz 183.72 Buy  
    Adidas 170.02 ↑ Sell  
    Lufthansa 5.813 ↑ Buy  
    Siemens AG 101.40 ↑ Sell  
    Deutsche Bank AG 8.571 Neutral  
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