China Fortune Land bonds plummet on rating hit

China_property_Adobe_10June
By Morgan Davis
18 Jan 2021

China Fortune Land Development Co's bonds were the worst performing among Asian high yield notes last week amid rising pressure on the company’s international ratings.

The real estate company's 8.75% 2022 notes dropped 12.83 points to a cash price of 55.2. The company's 6.92% 2022 bond, 7.125% 2022 note, 6.9% 2023 paper and 8.6% 2024 bond were all trading in the 50s last Friday after falling between seven and 12.45 points during the ...

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