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China Evergrande onshore bond trading suspended after downgrade

China Evergrande onshore bond trading suspended after downgrade



China Evergrande Group's main unit, Hengda Real Estate Group, applied on Thursday (Sep 16) to suspend trading of its onshore corporate bonds following a downgrade, as the country's No. 2 property developer wrestles with a liquidity crisis.

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The application follows repeated trading freezes of the bonds in recent days by the Shanghai and Shenzhen stock exchanges due to volatile trade.

With total liabilities of more than US$300 billion, Evergrande is scrambling to raise funds as it teeters between a messy meltdown with far-reaching impacts, a managed collapse or a government bailout.

Suspension of trade in Hendga's onshore corporate bonds indicates an increasing likelihood of defaults and restructuring, market participants said.

Hengda received notice on Sep 15 from rating agency China Chengxin International (CCXI) that the bonds' ratings had been downgraded to "A" from "AA", and that both the bonds' ratings and its issuer rating were put on a watch list for further downgrades, it said in a stock exchange filing.

Hengda applied to suspend trade of its onshore corporate bonds for one day, it said. On the resumption of trade on Sep 17, its Shanghai and Shenzhen exchange-traded bonds will only be traded through negotiated transactions.

A bond trader, who declined to be identified, said that the changes in the trading mechanism were likely aimed at limiting participation and curbing volatility.

"Many companies would adjust the trading mechanism of their bonds ahead of default," he said.

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