Tianji holding ltd

The non-payment is consistent with an 'RD' rating, tianji holding ltd, signifying the uncured expiry of any applicable grace period, tianji holding ltd 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.

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.

Tianji holding ltd

Fitch has withdrawn the ratings as Evergrande and its subsidiaries have chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Evergrande and its subsidiaries. International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario defined as the 99th percentile of rating transitions, measured in a positive direction of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario defined as the 99th percentile of rating transitions, measured in a negative direction of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. Evergrande was a top-three Chinese property developer by contracted sales with a strong presence across China. The company also had businesses in electric vehicles, finance, healthcare and cultural tourism. The principal sources of information used in the analysis are described in the Applicable Criteria. China Evergrande Group has an ESG Relevance Score of '4' for Governance Structure to reflect its aggressive financial policy, including its investments in non-core businesses, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Additional information is available on www.

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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. The review did not involve a rating committee. Since 1 January , Moody's practice has been to issue a press release following each periodic review to announce its completion. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.

Tianji holding ltd

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. The Stable Outlook reflects the expectation that the Evergrande will be able to deleverage after , with improving contracted sales and collection ratio, as well as its stated intention to reduce land acquisitions. In addition, the Stable Outlook also reflects our expectation that Evergrande will be able to negotiate with Hengda's strategic investors not to redeem the CNY billion investment in early Scenery Journey Notes Downgraded: The US dollar notes issued by Scenery Journey Limited are guaranteed by Tianji and carry a keepwell deed and a deed of equity interest purchase undertaking from Hengda. This shift recognises the possible challenges enforcing creditor claims on a keepwell provider in financial distress, as some recent developments have indicated with regards to such an arrangement. Management said Evergrande will generate more than CNY billion of total contracted sales in and will have CNY billion of cash collection in 2H Management said Evergrande is reducing its land bank by 30 million sq m from million sq m of residential land reserve, and interest-bearing debt by CNY billion a year from to Fitch expects Evergrande's land bank life to reduce gradually, from around five years in to less than three years by In addition, the company has urban regeneration projects URPs , of which 55 are in Shenzhen and 12 are in the Greater Bay Area outside Shenzhen, supporting the company's focus on shifting to tier cities.

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Bondsupermart and its Information Providers are not giving or purporting to give or representing or holding ourselves out as giving personalised financial, investment, tax, legal and other professional advice. Please read our full Terms and Conditions section on the website. Tianji Holding mainly engaged in property development in Mainland China. ACI on. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. International bonds: Tianji Holdings, Tianji The recovery analysis assumes that Tianji would be liquidated in a bankruptcy because it is an asset-trading company. Bond classification. CFI RegS. Corporate Finance: Leveraged Finance. Issuer Profile Evergrande was a top-three Chinese property developer by contracted sales with a strong presence across China. Day count convention.

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

Preview Bondsupermart channel. Best- and worst-case scenario credit ratings are based on historical performance. Scale foreign curr. Real Estate and Homebuilding. From 31 st to 36 th month after the issuance of the new bonds, at least 0. We use technologies to personalize and enhance your experience on our site. Corporate Finance: Leveraged Finance. We estimate the residual value of Evergrande's stake in Evergrande Property Services based on the going-concern approach. Tianji Holding has to hire an auditor by the end of this year to audit its financial statements. The recovery analysis assumes that Tianji would be liquidated in a bankruptcy because it is an asset-trading company. After all, whether the holders receive the real cash are the key of holding these bonds. Stock Search Dividend Calendar. The allocation of value in the liability waterfall results in recovery corresponding to 'RR6' for the senior unsecured notes. Payment currency. Recommended For You.