Tianji holding ltd

As it is not an exchange offer but a restructuring plan through the court, it should be binding on all bondholders shall it becomes tianji holding ltd. 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.

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.

Tianji holding ltd

Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process.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. The company also had businesses in electric vehicles, finance, healthcare and cultural tourism. The principal sources of information used in the analysis are described in the Applicable Criteria. 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. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Additional information is available on www.

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 tianji holding ltd at that time.

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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 Fitch expects Evergrande's land bank life to reduce gradually, from around five years in to less than three years by

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. 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.

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Bond classification. But the actual allocation amount should be based on a waterfall framework. Export to Excel. Show spread graph. 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. The recovery value of SJ New Bonds will depend on whether the related property projects could be operated as usual and whether the related underlying assets could be sold at a reasonable price. Scenery Journey Limited. Scale foreign curr. Scenery Journey is one of the subsidiaries of Tianji Holding. Tianji Holdings Limited operates as an investment holding company. Real Estate and Homebuilding. Real Estate and Homebuilding. Build yield maps, make chart comparison within a click. SPV ratings. We expect the residual values of Hengda and Evergrande Auto to both be zero after paying off their own debt.

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

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. The allocation of value in the liability waterfall results in recovery corresponding to 'RR6' for the senior unsecured notes. Credit Update: StanChart ends off on a solid note. The company also has businesses in electric vehicles, finance, healthcare and cultural tourism. Day count convention. Stock exchange and OTC quotes. Numbers in parentheses accompanying applicable model s contain hyperlinks to criteria providing description of model s. From 37 st to 48 th month after the issuance of the new bonds, at least 3. Work with the chart: switching the price, period, issue comparison. 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.