Tianji holding ltd

Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process, tianji holding ltd. Therefore, Fitch will no longer have sufficient information to maintain the ratings.

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.

Tianji holding ltd

Guaranteed, Senior Unsecured. Reset password. Stock Search Dividend Calendar. Your account has been deleted, thanks for being with us. Hint mode is switched on Switch off. For swift navigation between sections. International bonds: Tianji Holdings, Copy issue information to clipboard. PDF download. Choose all Reset all. Download Cancel. Add issue to Watchlist. Save Collapse.

Derivation Summary Evergrande, Hengda and Tianji's IDRs have been downgraded to 'RD' in line with our definition of an uncured payment default but tianji holding ltd has been no initiation of bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures as yet with business operations continuing.

As it is not an exchange offer but a restructuring plan through the court, it should be binding on all bondholders shall it becomes effective. 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. Tianji Holding mainly engaged in property development in Mainland China. It has around 40 project companies in Mainland China.

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. There is limited information available on the company's restructuring plan at this stage. Evergrande, Hengda and Tianji's IDRs have been downgraded to 'RD' in line with our definition of an uncured payment default but there has been no initiation of bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures as yet with business operations continuing.

Tianji holding ltd

Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Tianji Holding Limited. Hong Kong, December 10, -- Moody's Investors Service "Moody's" has completed a periodic review of the ratings of Tianji Holding Limited and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology ies , recent developments, and a comparison of the financial and operating profile to similarly rated peers.

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It is important to note that Tianji Holding is a wholly-owned offshore subsidiary of Hengda Real Estate, the onshore entity of China Evergrande. Registration is required to get access. Issue information. Declaration: For specific disclosure, at the time of publication of this report, IFPL via its connected and associated entities and the analyst who produced this report hold a NIL position in the abovementioned securities. 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 maturities at that time. Scenery Journey Limited. Over pricing sources. Evergrande, Hengda and Tianji's IDRs have been downgraded to 'RD' in line with our definition of an uncured payment default but there has been no initiation of bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedures as yet with business operations continuing. Copy issue information to clipboard. Debt Servicing. CFI RegS. We believe that the holders of SJ Old Bonds could consider accepting the plans, which gives the company a few years to resume project operations and property sales and gradually dispose the assets on hand at a better price. Tianji Holdings Limited operates as an investment holding company. It is only possible to download bond prospectuses for paid Premium subscription access. PDF download.

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.

From 37 st to 48 th month after the issuance of the new bonds, at least 3. 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. Related Articles. Reset password. We estimate the residual value of Hengda and Evergrande Auto by assuming they will be liquidated as they are asset trading businesses Evergrande Auto's electric-vehicle business remains loss-making. It is important to note that Tianji Holding is a wholly-owned offshore subsidiary of Hengda Real Estate, the onshore entity of China Evergrande. USD No data. Day count convention. Evergrande is a top-three Chinese property developer by contracted sales. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. The principal sources of information used in the analysis are described in the Applicable Criteria. Work with the chart: switching the price, period, issue comparison.