Communist China property developer Greenland Group said on Monday that it is seeking approval from its offshore bondholders to extend the repayment of bonds due between next month to 2025 for two years due to falling sales and poor market conditions.
A string of Communist China property developers, including Greenland Group, have been cash-strapped and delayed or defaulted on offshore debts since late last year. Greenland’s offshore unit elaborated in an exchange filing that the group’s sales and business have been falling sharply due to the zero-Covid policy across Communist China, as well as negative market conditions.
Greenland will not be able to repay its US$370 million bond due on November 13th and the developer is also facing difficulties in repaying other debts on time, seeking a two-year extension of the November loan. Greenland has been struggling under financial pressure since last year as the Communist China real estate sector’s woes deepened. in August, it had borrowed 3 billion CNY, or about US$411 million, from two state-owned shareholders to help secure home deliveries.
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