Greentown completes turnaround with $400 million bond

Wharf’s strategic stake and talk of a ratings upgrade help the Chinese developer mark its return to international bond markets.

Greentown China completed an impressive turnaround on Monday, raising $400 million from the bond market just three years after breaching covenants on its last bond.

Since then, sales at the Chinese property developer have improved and, in June last year, Hong Kong’s Wharf Holdings invested $650 million to take its stake in Greentown to 24.6%, up from 2%.

That injection of capital, together with some asset sales, has helped Greentown deleverage its...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Print Edition

FinanceAsia Print Edition

EVENTS