(Reuters) – Greentown China will buy back $741 million of outstanding bonds and is also planning to issue U.S. dollar-denominated notes, both as part of a debt refinancing plan, the real estate company said on Thursday.
The Hangzhou-based developer will buy back $446.5 million of its 4.7% senior notes and $294.5 million of its 5.65% senior notes, both due in 2025, it said.
Greentown also said it plans to issue dollar-denominated senior notes, although the amount and other terms were yet to be finalized.
The Hong Kong-listed company’s refinancing comes amid heightened investor caution following a spate of defaults in China’s property sector.
Although Hong Kong’s sector has not experienced similar defaults, investors remain concerned about companies’ dwindling liquidity due to struggling residential and commercial property markets.
(Reporting by Rajasik Mukherjee in Bengaluru; Editing by Savio D’Souza)
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