One Of China's Most Trusted Real Estate Brands Defaults On Billions In Offshore Bonds
Portfolio Pulse from Daniel Harrison
China SCE Group Holdings Ltd. has defaulted on up to $1.8 billion in senior offshore notes, causing the bonds to be suspended from trading. The company, once ranked 6th among China's most-trusted property brands, cited sluggish demand for new developments as the reason for the cash-flow squeeze. The company's stock is down nearly 80% year-to-date. This follows similar defaults by China Evergrande Group Ltd and Sino Ocean Group Holding Co Ltd, causing a sharp sell-off in Hong Kong stocks.
October 04, 2023 | 4:29 pm
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NEUTRAL IMPACT
Bank of America Corp. was mentioned as a comparison to the potential bailout of Chinese property developers by the Chinese government.
Bank of America was mentioned as a comparison to the potential bailout of Chinese property developers. This is unlikely to have a significant impact on Bank of America's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20
NEUTRAL IMPACT
Ford Motor Co was mentioned as a comparison to the potential bailout of Chinese property developers by the Chinese government.
Ford was mentioned as a comparison to the potential bailout of Chinese property developers. This is unlikely to have a significant impact on Ford's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20
NEUTRAL IMPACT
General Motors Co was mentioned as a comparison to the potential bailout of Chinese property developers by the Chinese government.
General Motors was mentioned as a comparison to the potential bailout of Chinese property developers. This is unlikely to have a significant impact on GM's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20
NEUTRAL IMPACT
The Goldman Sachs Group Inc. was mentioned as a comparison to the potential bailout of Chinese property developers by the Chinese government.
Goldman Sachs was mentioned as a comparison to the potential bailout of Chinese property developers. This is unlikely to have a significant impact on Goldman Sachs' stock price in the short term.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20
NEUTRAL IMPACT
JP Morgan Chase & Co was mentioned as a comparison to the potential bailout of Chinese property developers by the Chinese government.
JP Morgan Chase was mentioned as a comparison to the potential bailout of Chinese property developers. This is unlikely to have a significant impact on JP Morgan Chase's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20
NEUTRAL IMPACT
Morgan Stanley was mentioned as a comparison to the potential bailout of Chinese property developers by the Chinese government.
Morgan Stanley was mentioned as a comparison to the potential bailout of Chinese property developers. This is unlikely to have a significant impact on Morgan Stanley's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 20
NEGATIVE IMPACT
China Evergrande Group Ltd also defaulted on its debt recently, which has contributed to the sell-off in Hong Kong stocks.
China Evergrande Group's recent default has added to the concerns about the Chinese real estate sector, which is likely to negatively impact its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50