Stressed China Builder Bond Bill Swells to $3.7 Billion in March

(Bloomberg) -- Bond-payment pressures will ramp up for China's embattled property sector this month, just as companies are due to release their 2021 results and continue to face slumping new-home sales and tight liquidity.

Stressed developers face at least $3.7 billion of payments on dollar and onshore public bonds, according to data compiled by Bloomberg. For all Chinese real estate firms, there's 37.5 billion yuan ($5.9 billion) of yuan notes that investors could demand repurchase of in March. In addition, the sector has $7.6 billion of trust payments due this month, according to data tracker Use Trust.

Despite February being relatively light on scheduled bond payments, Chinese developers have continued to spook investors. China's restrictions on borrowing by property firms make it harder for them to tap the bond market, and high yields for speculative-grade debt have made borrowing prohibitively expensive.

Yango Group Co. failed to meet interest obligations after its parent previously did the same, while others continue to propose dollar-note exchanges in efforts to extend due dates -- warning of missed payments if the efforts fail. Meanwhile, fears about unreported debt persist, with fresh leverage-related details anticipated from builders' upcoming annual reports.

Below is a week-by-week calendar for interest and principal payments due on local and offshore notes for the developers who had the worst 2022 total returns as of Feb. 25 in a Bloomberg index of China high-yield dollar bonds. Figures below are according to Bloomberg-compiled data and exclude companies that have had at least one public bond default since the start of last year.

Week 1 (March. 1-4) - $362 million

Ronshine $262.6 million note due March 1, plus $13.8 million in interest (firm said remittance arranged)
KWG $27.6 million coupon on note due 2023, first deadline March 1
Agile $9.7 million coupon on note due August, first deadline March 1
Guangzhou R&F unit Easy Tactic $18.9 million coupon on note due 2024, first deadline March 3
Zhenro $7.68 million coupon on note due September, first deadline March 3 (exchange offer proposed)
Jinke 138.6 million yuan coupon on note due 2025, first deadline March 4

Week 2 (March. 5-11) - $1.58 billion

Zhenro $200 million perpetual bond redemption due March 5 (firm has warned payment may not be made)
Easy Tactic $17.25 million coupon on note due 2024, first deadline March 5
KWG $16.95 million coupon on note due 2024, first deadline March 5
Shanghai Shimao 72 million yuan coupon on note due 2023, first deadline March 5
Zhenro $50 million note due March 6, plus $1.47 million in interest (exchange offer proposed)
Agile $477 million note due March 7, plus $16 million in interest
Agile $17.2 million coupon on perpetual note, first deadline March 7
Logan $9.66 million coupon on note due 2024, first deadline March 9
Seazen Holdings 30.6 million yuan interest on note due 2023, first deadline March 9
China SCE $369 million note due March 10, plus $10.8 million in interest
Zhenro $12.1 million coupon on note due 2024, first deadline March 10
Zhenro $8.35 million coupon on note due 2024, first deadline March 10
Jingrui $190 million note due March 11, plus $12.1 million in interest (exchange offer proposed)
Jiayuan $132.6 million note due March 11, plus $9.12 million in interest
Zhenro $12.8 million coupon on note due 2025, first deadline March 11

Week 3 (March. 12-18) - $296 million

KWG $19.5 million coupon on note due September, first deadline March 15
Zhenro $8.3 million coupon on note due 2023, first deadline March 15
Seazen Holdings 1.43 billion yuan note due March 16, plus 103 million yuan in interest
Shanghai Shimao 50 million yuan coupon on note due 2023, first deadline March 16
Shimao Group $5.96 million coupon on note due 2023, first deadline March 16
Logan $2.13 million coupon on note due 2024, first deadline March 17
KWG unit Guangzhou Hejing 57.5 million yuan coupon on note due 2023, first deadline March 18

Week 4 (March. 19-25) - $1.3 billion

Shenzhen Logan 1.51 billion yuan note due 2024 is puttable March 19, plus first deadline for 83.05 million yuan in interest
Shanghai Shimao 1 billion yuan note due March 19 plus 46.4 million yuan in interest
Shanghai Powerlong 1.5 billion yuan note due 2023 is puttable March 20, plus first deadline for 90 million yuan in interest
Seazen Holdings 1 billion yuan note due 2024 is puttable March 20, plus first deadline for 59 million yuan in interest
Seazen Holdings unit New Metro Global $40.5 million note due March 20, plus $1.52 million in interest
Seazen Holdings 61.6 million yuan interest on note due 2023, first deadline March 20
Redsun $9.5 million coupon on note due 2023, first deadline March 20
KWG $6.5 million coupon on note due September, first deadline March 21
Shenzhen Logan 2 billion yuan note due March 22, plus 98 million yuan in interest
Times China $13.95 million coupon on note due 2026, first deadline March 22
Seazen Group unit Future Diamond $4.25 million interest on note due September, first deadline March 23
Helenbergh China $19.25 million coupon on note due 2023, first deadline March 24
Shimao Construction 109.2 million yuan coupon on note due 2027, first deadline March 25
Shimao Construction 54.9 million yuan coupon on note due 2025, first deadline March 25
Shenzhen Logan 20.9 million yuan coupon on note due 2025, first deadline March 25

Week 5 (March. 26-31)- $187 million

Seazen Holdings 56 million yuan interest on note due 2023, first deadline March 26
Jingrui $9 million coupon on note due September, first deadline March 26
KWG unit Tianjian Construction 600 million yuan note due March 28, plus 42 million yuan in interest
Tianjian Construction 105.6 million yuan coupon on note due 2026, first deadline March 28
Jingrui $9.9 million coupon on note due 2024, first deadline March 28
China SCE $13.4 million interest on note due 2024, first deadline March 29
Guangzhou Times 79.05 million yuan coupon on note due 2025, first deadline March 30
Guangzhou Times 59.85 million yuan coupon on note due 2027, first deadline March 30
Jinke 31.5 million yuan interest on note due 2025, first deadline March 31