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China developer Yango, investors agree to delay onshore coupon payment -source -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a photo of a man riding a bike past the Yango Group’s Yanan New Zone real estate project, Shaanxi Province, China. January 4, 2019, REUTERS/Yawen Chen

BEIJING, (Reuters) – Chinese Developer Yango Group Co Ltd reached an agreement with investors to postpone a 40 million yuan ($6.29 Million) offshore coupon payment for six months. According to a source familiar with the matter on Wednesday.

Cailianshe reported that the agreement was first made public after Yango rejected bondholders’ request for a one-year extension of Yango’s Jan. 29 due date. The 6.9% notes are worth 580million yuan.

Yango Group did not comment.

By midday, shares of Yango listed in Shenzhen rose by 4.4%

On Monday, the developer stated that Golden Credit Rating downgraded it from AA to BBB with a negative outlook.

The developer sought to avoid defaulting in debt payments and reached agreements last year with investors to extend pay dates on asset-backed and onshore securities. It also exchanged some U.S. Dollar bonds for notes that were personally guaranteed by its Chairman.

($1 = 6.3606 renminbi)

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