Cathay Pacific Airwaysreported a net loss of HK$21.65 billion ($2.8 billion) for 2020, a period the carrier described as “the most challenging 12 months of its more than 70-year history” as the coronavirus pandemic brought unprecedented disruption to global air travel, reported Bloomberg. The outlook isn’t much better, according to Chairman Patrick Healy. “It is […]
Category: Banking & Finance
Troubled property developer China Fortune Land Developmentagain defaulted on billions of RMB in debt as it struggled to scrape together enough cash to meet its commitments amid a tightening regulatory environment, reported Caixin. China Fortune said that it and its subsidiaries have recently failed to repay RMB 8.38 billion ($1.3 billion) in principal and interest on […]
Four of China’s five biggest state-owned electricity utilities are capitalizing on the country’s red-hot “carbon-neutral bond” market, raising up to $1.38 billion in recent weeks as they race to develop renewables facilities under an ambitious national carbon-emission drive, reported Caixin. China Huadian Corp. issued a RMB 1.5 billion ($230.69 million) carbon-neutral green bond on Friday, […]
to Africa Chinese lenders have provided at least $7.6 billion in debt relief to countries, mainly African nations, struggling during the coronavirus pandemic, according to a new data analysis carried out by researchers at the China Africa Research Initiative (CARI) at the Johns Hopkins School of Advanced International Studies, reported the South China Morning Post. It found […]
State-owned coal company Jizhong Energy Group missed part of its payments on two bonds that came due Friday, several of its bondholders told Caixin. Jizhong Energy, backed by the Hebei provincial government, transferred the principal of RMB 500 million ($77 million) of one bond but failed to pay the interest, meaning Shanghai Clearing House was […]