The Other Evergrande Bond Issuers

The troubled real estate developer has been issuing bonds through its listed entity, as well as through subsidiaries. What’s the real Evergrande representation in portfolios?  

Kate Lin, CAIA 26.09.2021
Facebook Twitter LinkedIn

China Evergrande Group Logo

It’s common for conglomerates to raise debt funding via multiple subsidiaries or special purpose vehicles. Often, these have different names. The beleaguered China Evergrande Group (03333) is no exception. What are some of the issuers believed to be connected to Evergrande? And who owns the bonds? 

One of the issuers is Hengda Real Estate. According to Evergrande’s annual report, Evergrande owns close to 60% of the onshore subsidiary, Hengda Real Estate. The firm is a Shenzhen-based unit that has issued Renminbi-denominated bonds. The coupon payment due on Wednesday came from the five-year bond issued by Hengda with an RMB 4 billion principal value, which is due in September 2025.  

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Member.

Register For Free
Facebook Twitter LinkedIn

About Author

Kate Lin, CAIA

Kate Lin, CAIA  is a Data Journalist for Morningstar Asia, and is based in Hong Kong

© Copyright 2021 Morningstar Asia Ltd. All rights reserved.

Terms of Use        Privacy Policy