Tianji holding ltd

The non-payment is consistent with an 'RD' rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation, tianji holding ltd. Non-Payment of Coupons: There has been no announcement from the company or the trustee regarding the coupon payments due 6 November for the two Tianji bonds after the grace periods lapsed. In addition, the company did not respond to our tianji holding ltd for confirmation on the coupon payments.

Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Evergrande and its subsidiaries. International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario defined as the 99th percentile of rating transitions, measured in a positive direction of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario defined as the 99th percentile of rating transitions, measured in a negative direction of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. Evergrande was a top-three Chinese property developer by contracted sales with a strong presence across China.

Tianji holding ltd

Guaranteed, Senior Unsecured. Reset password. Stock Search Dividend Calendar. Your account has been deleted, thanks for being with us. Hint mode is switched on Switch off. For swift navigation between sections. International bonds: Tianji Holdings, Copy issue information to clipboard. PDF download. Choose all Reset all. Download Cancel. Add issue to Watchlist. Save Collapse. Adding issue to the Watchlist is not possible because there are no quotes from exchanges for it.

CFI RegS. International bonds: Tianji Holdings,

As it is not an exchange offer but a restructuring plan through the court, it should be binding on all bondholders shall it becomes effective. It is important to note that Tianji Holding is a wholly-owned offshore subsidiary of Hengda Real Estate, the onshore entity of China Evergrande. Scenery Journey is one of the subsidiaries of Tianji Holding. Tianji Holding mainly engaged in property development in Mainland China. It has around 40 project companies in Mainland China. The following information is for reference only and the details are subject to the original announcement.

The non-payment is consistent with an 'RD' rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default on a material financial obligation. Non-Payment of Coupons: There has been no announcement from the company or the trustee regarding the coupon payments due 6 November for the two Tianji bonds after the grace periods lapsed. In addition, the company did not respond to our request for confirmation on the coupon payments. We are therefore assuming they were not paid. Failure to make coupon payments within the grace period is consistent with Fitch's definition of an 'RD' rating, as the company has experienced an uncured payment default on a material financial obligation but has not yet entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures, and has not otherwise ceased operating. Cross Default with Notes: Tianji is a restricted subsidiary of Evergrande, and the non-payment has triggered an event of default on Evergrande's bonds. Uncertaint y over Restructuring Plan: Evergrande announced on 6 December the formation of a Risk Management Committee that comprises the company's senior management, representatives from Guangzhou state-owned enterprises, such as Guangdong Holdings Limited and Guangzhou Yuexiu Holdings Limited, as well as representatives from financial institutions such as China Cinda Asset Management Co. There is limited information available on the company's restructuring plan at this stage. Evergrande, Hengda and Tianji's IDRs have been downgraded to 'RD' in line with our definition of an uncured payment default but there has been no initiation of bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures as yet with business operations continuing. The recovery analysis assumes that Evergrande would be liquidated in a bankruptcy because it is an asset-trading company.

Tianji holding ltd

Related Content: China Evergrande Group. The affirmation of Evergrande's and Hengda's IDRs reflects the group's large business scale and diversification, but higher leverage and weaker liquidity than that of peers. The Stable Outlook reflects the expectation that the Evergrande will be able to deleverage after , with improving contracted sales and collection ratio, as well as its stated intention to reduce land acquisitions. In addition, the Stable Outlook also reflects our expectation that Evergrande will be able to negotiate with Hengda's strategic investors not to redeem the CNY billion investment in early Scenery Journey Notes Downgraded: The US dollar notes issued by Scenery Journey Limited are guaranteed by Tianji and carry a keepwell deed and a deed of equity interest purchase undertaking from Hengda. This shift recognises the possible challenges enforcing creditor claims on a keepwell provider in financial distress, as some recent developments have indicated with regards to such an arrangement. Management said Evergrande will generate more than CNY billion of total contracted sales in and will have CNY billion of cash collection in 2H Management said Evergrande is reducing its land bank by 30 million sq m from million sq m of residential land reserve, and interest-bearing debt by CNY billion a year from to

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Country of risk. Over pricing sources. ESG Considerations China Evergrande Group has an ESG Relevance Score of '4' for Governance Structure to reflect its aggressive financial policy, including its investments in non-core businesses, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Therefore, Fitch will no longer have sufficient information to maintain the ratings. All Contents here in do not constitute financial advice or formal recommendation and must not be relied upon as such. International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario defined as the 99th percentile of rating transitions, measured in a positive direction of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario defined as the 99th percentile of rating transitions, measured in a negative direction of four notches over three years. Load More. Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process. Issuer Profile Evergrande was a top-three Chinese property developer by contracted sales with a strong presence across China. The allocation of value in the liability waterfall results in recovery corresponding to 'RR6' for the senior unsecured notes. Guaranteed, Senior Unsecured. WKN RegS. Declaration: For specific disclosure, at the time of publication of this report, IFPL via its connected and associated entities and the analyst who produced this report hold a NIL position in the abovementioned securities.

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Tianji Holding Limited.

For swift navigation between sections. Please read our full Terms and Conditions section on the website. Corporate Finance: Leveraged Finance. Your account has been deleted, thanks for being with us. For every following month, all coupon shall be paid in cash. Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process. The company also had businesses in electric vehicles, finance, healthcare and cultural tourism. Tianji Holdings Limited operates as an investment holding company. Stock exchange selection. Coupon frequency. We share our thoughts on new bond issues and hold discussions on the fixed income space. If there is net considered from the sales of the collaterals, the cash proceeds should be used to redeem either or both of the two tranches of SJ New Bonds with the shortest maturities at that time.