Property firm Greentown China to buy back US$741 million bonds, plans dollar-debt offering

Greentown China (3900) will buy back US$741 million (HK$5.78 billion) of outstanding bonds and is also planning to issue US dollar-denominated notes, both as part of a debt refinancing plan, the real estate company said on Thursday.

The Hangzhou-based developer will buy back US$446.5 million of its 4.7 percent senior notes and US$294.5 million of its 5.65 percent senior notes, both due in 2025, it said.

Greentown also said it plans to issue dollar-denominated senior notes, although the amount and other terms were yet to be finalized.

The Hong Kong-listed company's refinancing comes amid heightened investor caution following a spate of defaults in China's property sector.

Although Hong Kong's sector has not experienced similar defaults, investors remain concerned about companies' dwindling liquidity due to struggling residential and commercial property markets.

REUTERS