On May 27, local time, several media in the mainland reported that Greenland Group, a real estate company with a background as a state-owned enterprise in Shanghai, seeks to roll over $500 million of its upcoming debt maturities.
According to a report, Greenland Group currently has nearly $4 billion in debt, with five more maturities totaling $1.1 billion in 2022. For the $500 million of debt that will mature on June 25, Greenland intends to repay 10% of the principal and interest first and extend the rest for one year with additional terms.
Observers point out that Evergrande Group delinquency in debt payment in August last year, just a month after frequent debt extensions from key Chinese Communist banks. Likewise, Greenland Group publicly announced that it was seeking a debt extension against the backdrop of the closure of nearly half of its sales offices in Communist China and an extensive sale of its assets in the U.S. The group is likely to follow in Evergrande’s footsteps and marks the first real estate company with a state-owned enterprise background in China to have its debt default.
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