Tue 06/11/2019 22:38 PM
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Relevant Documents:
1Q19 Financial Report (Chinese)
FY18 Annual Report (Chinese)
FY17 Annual Report (Chinese)
FY16 Annual Report (Chinese)
Offering Memorandum: US$350mil 7.125% '22 & US$650mil 8.600% '24 bonds

Prices of Beijing-headquartered industrial park developer China Fortune Land Development’s CFLD offshore bonds have been resilient and remained trading around par despite a downgrade from BB+ to BB- by Fitch in early May, which cited the company’s prolonged higher leverage,...
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