(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
©2022 Bloomberg L.P.
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