What happens when you add a minus? Gemdale’s bond investors find out

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What happens when you add a minus? Gemdale’s bond investors find out

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Businessman reading documents with magnifying glass concept for analyzing a finance agreement or legal contract | Brian Jackson - stock.adobe.com

Gemdale, a Chinese property company, raised the ire of investors this week when it cut the coupon on an outstanding bond by 379bp, despite documentation stating the coupon could only be increased. Rebecca Feng reports.

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