CIFI Halves $7 Billion Debt with Bond Swap

08 Jan 2024 CW Team

Embattled developer CIFI Holdings Group outlined a preliminary plan to halve its hefty $7 billion overseas debt, offering bond swaps and property-linked terms to appease creditors.

This restructuring proposal, filed yesterday with the Hong Kong Stock Exchange, aims to stretch out maturities and slash debt burdens. Creditors would exchange their holdings for new bonds maturing in 2-9 years, carrying nominal interest rates as low as 2%. Notably, these bonds would share a secured portfolio for credit enhancement and tie repayment to future sales, with deferred interest paid in lump sums or at the final installment.

CIFI's stock saw a muted response, dipping 3.5% today after yesterday's sharp 13.7% jump. Notably, the company's shares plunged nearly 77% in 2023.

Despite the challenges, CIFI boasts a healthy cash position of $2.7 billion and $6.4 billion in property investments. They further estimate unlocking $1.7-$2 billion in liquidity by offloading select properties and overseas assets, boosting cash flow available for overseas debt repayment to $4.2-$4.9 billion.

While revenue edged up 5.4% in the first half of 2023, CIFI swung from a $267 million net profit to a $1.2 billion net loss. However, the company achieved record deliveries of 118,000 units last year and aims to deliver 80,000 units in 2024, with construction and installation costs exceeding $4.2 billion.

CIFI's restructuring efforts follow successful extensions on $1 billion worth of domestic debt last year, initiated alongside overseas debt talks in November 2022. While the proposed bond swap faces uncertain acceptance, CIFI appears determined to leverage its property portfolio and future sales to navigate the choppy waters of China's real estate market.

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