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佳兆业海外债券违约拉响中国投资风险警报

更新时间:2015-4-23 9:55:26 来源:纽约时报中文网 作者:佚名

Chinese Property Developer Kaisa Defaults on Debt
佳兆业海外债券违约拉响中国投资风险警报

The troubled Chinese property developer Kaisa Group has defaulted on its overseas debt, a situation that could make Western investors more wary of the country’s real estate market.

陷入困境的中国房地产开发商佳兆业(Kaisa Group)在应偿付海外债务时发生违约,这一局面可能会让西方投资者对中国的房地产市场更加警惕。

Once a darling of global money managers, the developer, with its trail of financial problems, is now a case study for the risks of investing in China.

佳兆业曾是全球基金经理的宠儿,而由于陷入财务问题,如今它却成了在中国投资有哪些风险的研究案例。

For years, big investors plowed money into Kaisa, attracted by the tempting returns and the country’s soaring real estate market. The developer sold $2.5 billion in bonds to mutual funds and other major money managers.

多年来,大型投资者在诱人的回报和中国飞速发展的房地产市场驱使下,向佳兆业投入了巨额资金。这家集团向共同基金及其他资产管理机构售出了25亿美元的债券。

Then the company stumbled, as property prices slumped and reports of corruption surfaced. In February, Kaisa announced that it had $10.4 billion in debt, far more than it had previously disclosed.

随着房地产价格下挫,腐败报道浮出水面,这家公司变得步履蹒跚。2月,佳兆业宣布负债104亿美元,远高于之前披露的金额。

The company has been negotiating with bondholders to restructure its debt.

这家公司一直在与债券持有人就债务重组进行谈判。

But the company announced on Monday that it had missed two large interest payments due last month on about $1 billion in United States dollar-denominated corporate bonds.

不过,佳兆业周一宣布,该公司未能按时偿付两笔于上个月到期的利息。这些利息来自在美国发行的价值大约10亿美元的美元计价债券。

It is the first major Chinese developer to default on its overseas bonds, raising concerns that other companies could follow.

这是第一家中国大型开发商海外债券违约的案例,致使市场开始担忧其他公司也会出现同样的问题。

Western players have been increasingly skeptical of the Chinese property market, and foreign investment in the sector has dried up of late. Like Kaisa, many developers have run up heavy debt loads, which are now proving worrisome in the current real estate slump.

西方投资者对中国房地产市场越来越警惕,最近这个产业里的外国投资已经干涸。像佳兆业一样,许多开发商都背负了巨额债务,在当前房地产行情走软的情况下,这些债务令人担忧。

“When this first erupted, a lot of developers who wanted to raise money saw the cost of funding go up,” Wee Liat Lee, a property analyst at BNP Paribas, said in a recent interview. “Investors are now pricing in risk.”

“事态爆发时,许多希望筹资的开发商发现,融资成本提高了,”法国巴黎银行(BNP Paribas)房地产分析师李伟烈(Wee Liat Lee)在最近的一次采访中说。“现在投资者将风险反映在了定价决策中。”

The default is the latest setback for Kaisa.

债务违约是佳兆业遭遇的最新挫折。

The company began to unravel last fall after the Chinese authorities placed restrictions on the sale of many of its properties in the city of Shenzhen, where the company has its headquarters. The government did not offer an explanation for the decision, though some published reports said the company’s troubles were tied to an anticorruption campaign in Shenzhen.

去年秋天,总部位于深圳的佳兆业开始出问题,中国官方对该公司名下的许多深圳楼盘限制销售。。政府没有对这一决定做出解释,不过媒体发表的一些报道称,该公司遇到的麻烦与深圳的反腐行动有关。

As shares of Kaisa plummeted, the company stopped answering inquiries from the news media and analysts. Credit-rating agencies downgraded the company’s debt and some global investors began anticipating a bankruptcy.

佳兆业股价重挫之际,这家公司也不再答复新闻媒体和分析人士的问题。信用评级机构下调了该公司债券的评级,一些全球投资者开始预期佳兆业会破产。

Amid the tumult came a raft of resignations from top executives at the company, including the chairman and co-founder, Guo Yingcheng, who stepped down for health reasons. The Guo family then agreed to sell its 49 percent stake to another developer, Sunac China.

混乱中,该公司数名高管辞职,包括董事长和联合创始人郭英成,他以健康理由离职。之后,郭氏家族同意将其持有的49%股权转让给另一家开发商,融创中国。

With its financial problems mounting, Kaisa started pressuring bondholders on about $2.5 billion in overseas debt to make concessions. The company was essentially pushing investors to accept roughly 50 percent of the value of their holdings.

在财务问题加剧之时,佳兆业开始向持有约25亿美元债券的海外投资者施压,要求债权人做出让步。该公司的意图实质上是,迫使投资者接受其持有的债券价值减半。

The company warned that if investors did not agree, a bankruptcy could leave them with just pennies on the dollar. The bondholders rejected the initial proposal and have been bargaining for a better settlement.

佳兆业警告说,如果投资者不同意,破产后他们每一美元的投资只能拿回数美分。债权人回绝了最初的提议,并且在争取更好的方案。

Kaisa’s situation remains uncertain. It has delayed the filing of its 2014 financial results. Some of China’s biggest financial institutions have asked the courts to preserve its assets.

佳兆业的处境仍然不确定,该公司2014年业绩的发布已经延后。中国最大的一些金融机构,已经申请法庭保全该公司的财产。

Then, a week ago, Kaisa unexpectedly announced Mr. Guo had been appointed chairman again. He returned just after the Shenzhen government eased restrictions on the sale of some of Kaisa’s properties in Shenzhen.

接着在一周前,佳兆业出人意料地宣布,郭英成重新被任命为董事长。他回归之前,深圳政府刚刚取消了对佳兆业在深圳部分产业的销售限制。

His return has cast doubt on a planned $580 million sale of his family’s stake to Sunac China. While Sunac China has made no statements since Mr. Guo’s return, the company acknowledged that several of its executives had been forced to leave Kaisa’s office.

他回归之后,郭家以5.8亿美元的价格向融创中国出售股份的计划也蒙上了阴影。尽管融创中国并没有就郭英成的回归发表声明,但该公司承认,该公司的数名高管被迫离开了佳兆业的办公室。

Kaisa still declines to grant interviews with the news media or to meet analysts.

佳兆业仍然拒绝接受媒体采访,也拒绝与分析师会面。

Mr. Guo, who co-founded Kaisa in 1999, now seems to be firmly back in charge. And he appears to have the backing of Sino-Life, a midsize insurer that is one of the company’s major shareholders and also a partner in one of Kaisa’s Shenzhen developments.

郭英成在1999年与他人共同建立了佳兆业,现在似乎又牢牢掌握了控制权。他似乎得到了生命人寿(Sino-Life)的支持,这家中型保险企业是该公司的大股东之一,也是佳兆业在深圳的一个开发项目的合作伙伴。

Kaisa recently borrowed about $225 million from Sino-Life. It plans to use the money to make a payment on a land deal the companies planned to co-develop in Shenzhen’s new financial zone.

佳兆业计划在深圳新建的金融区参与一个地块的开发,该公司最近从生命人寿借入2.25亿美元,为开发项目融资。

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