Asia Pacific

Country Garden Holdings Co. told some investors that it is considering further extending payments on some of its yuan bonds as a prolonged sales slump adds to the Chinese developer’s financial stress, Bloomberg News reported. In an effort to gain more time to map out a debt overhaul, Country Garden’s main onshore unit may push back payments on several yuan bonds due in September by six months, the people said, citing private conversations. That would include 10% of the principal on its 4.38% notes due September 2026. Bondholders’ approval would be needed for the delays.

In recent weeks, bond traders have been piling into the perceived safety of Chinese government bonds, driving an epic buying spree that has pushed yields on the benchmark 10-year note, which move inversely to prices, to record lows, the Wall Street Journal reported. The rally has elicited an unusual response from China’s central bank, which is responsible for managing the state treasury and maintaining financial stability: Stop buying these notes.

China on Tuesday accused Canada of protectionism after Prime Minister Justin Trudeau's government imposed a 100% tariff on imports of Chinese-made electric vehicles, matching U.S. duties on Chinese EVs, the Associated Press reported. The Chinese Commerce Ministry said the tariffs would disrupt the stability of global industrial and supply chains, severely impact China-Canada economic and trade ties and damage the interests of enterprises in both countries. “China is strongly dissatisfied and firmly opposes this,” it said in a statement.

Suraksha Group has infused ₹250 crore in Jaypee Infratech Ltd (JIL) as equity and debt after taking control of the latter in early June, the Hindustan Times reported. New Delhi, Aug 25 (PTI) Suraksha Group has infused ₹250 crore in Jaypee Infratech after acquiring it through insolvency process and has also arranged a ₹3,000 crore loan facility, as it gears up to complete around 20,000 unfinished flats in Delhi NCR.

China’s central bank left a key interest rate unchanged, keeping a lid on a bond frenzy as it stays patient in supporting the economy, Bloomberg News reported. The People’s Bank of China kept the rate on its one-year policy loans, or the medium-term lending facility, at 2.3%, after a slashing the rate by 20 basis points in July. Meanwhile, the central bank withdrew a net 101 billion yuan ($14 billion) from the banking system this month, as 401 billion yuan of the loans expired on August 15.

Bank of China Vice Chairman and President Liu Jin resigned for personal reasons effective on Sunday, the bank said, Reuters reported. The state-owned lender said that its board had approved Chairman Ge Haijiao to serve as acting president, according to a filing released by the bank on Sunday.

Home insurance is becoming unaffordable for a growing number of Australian households as increased climate threats drive up their premiums, potentially putting billions of dollars in mortgage loans at risk, a report said on Monday, Reuters reported. As of March 2024, 15% of Australian households were experiencing home insurance affordability stress, which is defined as having premiums that cost more than four weeks' of their incomes, the report from the Actuaries Institute found.

Yuzhou Group Holdings Co. filed for Chapter 15 bankruptcy Thursday in New York, a move by the defaulted property developer to seek US court recognition for its offshore debt restructuring and ward off litigation, Bloomberg News reported. The Chinese builder, which failed to pay $2.9 billion of dollar notes with interest as of the end of 2023, is undergoing restructuring in Hong Kong and Cayman Islands. Read more.

Energy Absolute Pcl obtained approval to extend the maturity of 4 billion baht ($116.5 million) of green bonds, providing some relief for the Thai renewable energy company that’s under a fraud investigation, Bloomberg News reported. The shares surged the most in more than a decade. Holders of the debt papers on Friday agreed to push back the maturity period by nine months to June 30, 2025, the company said in an exchange filing on Friday. Along with the extension, Energy Absolute also obtained their approval to pay 1.8% additional interest on the notes, payable every six months.

Bangladesh’s new central bank governor said the country is seeking an additional $3 billion from the International Monetary Fund as it looks to recover from recent political turmoil, and is buying dollars from local banks to meet unpaid debt, Bloomberg News reported. The South Asian country has begun talks with the Washington-based IMF for the additional loan, central bank Governor Ahsan H. Mansur said in an interview in the capital Dhaka. Bangladesh secured $4.7 billion in funding from the IMF last year.