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SZENF

Seazen Group Limited

http://www.seazengroup.com.cn

CEO

Xiaoping Lv

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China's largest property developers, Country Garden Holdings Limited and China Evergrande Group, are facing financial difficulties. Country Garden missed a bond payment of $15.4 million and has $186 billion of liabilities. Its junk bonds are trading at around 4 cents on the dollar. Evergrande, with $327 billion in liabilities, faces liquidation at the end of the month. The situation is affecting the Chinese property market and the performance of China tracker funds such as the iShares China Large-Cap, which is down 10% year-to-date.

Portfolio Pulse from Daniel Harrison

October 18, 2023 | 2:14 pm

Two-thirds of Chinese property developers have defaulted on their offshore debt over the past year, with China SCE Group Holdings Ltd. being the latest. Country Garden Holdings Limited (OTC:CTRYF) is seeking to renegotiate debt terms with its offshore bondholders after missing a debt repayment. Only 14 out of 54 major developers have not defaulted yet, including Agile Group Holdings Ltd. (OTC:AGPPY), Shui On Land Ltd. (OTC:SOLLY), China Vanke Co. Ltd (OTC:CHVKF), Seazen Group Ltd. (OTC:SZENF), Sino-Ocean Group Holding Ltd. (OTC:SIOLY), and Longfor Group Holdings Ltd. (OTC:LGFRY).

Portfolio Pulse from Daniel Harrison

October 10, 2023 | 2:29 pm

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