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BUZZ-Greentown China falls on additional bonds plan to refinance debt

Reuters
Feb 18, 2025
BUZZ-Greentown China falls on additional bonds plan to refinance debt

** Shares of Greentown China 3900.HK fall 2.3% to HK$9.27, on course for the biggest one-day pct decline since Feb. 11

** Stock on track to snap four straight sessions of gain

** The state-backed property developer on Tuesday said it proposed to issue additional bonds worth $350 mln to help refinance its existing borrowings, mirroring a similar move it made last week

** Company last week said it sold $350 mln worth of 8.45% senior notes due in 2028, in a sign that some investor appetite for speculative-grade China property debt could be returning

** Hang Seng Mainland Properties Index .HSMPI falls 1.8%, index tracking properties and construction stocks .HSCIPC eases 1.3%, while Hang Seng Index .HSI climbs 0.7%

** Stock rose 16.5% last year

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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