一家处境困难的中国房地产公司在进行了一轮筹资（其中包括获得一家中资银行的投资）后，将回购几乎全部4亿美元外国债券。这显示出国内放贷机构提供的融资可能使中国企业偿清对外国债券持有人的债务。由于投资者的支持，绿城中国控股有限公司避免了违约。此前，随着公司资本状况变弱，它濒临在债券合同上违约。持有公司89.72%债券的投资者愿意以面值85%的价格将债券出售。根据该公司收到的同意书，预计另有2.16%的债券将被出售。这个价格较上个月底债券的交易价格高出25%。据一份公司文件显示，为了给回购债券提供资金，绿城中国4月份通过一家信托机构筹资人民币19.8亿元（合2.902亿美元），后者向中国工商银行和未披露的中国投资者出售债券。按市值计算，工商银行是中国最大的银行。在提交给香港交易所的文件中，绿城中国将这家信托机构列为债券回购的数个融资来源之一。公司还出售了一些资产，以筹集必要的资金。绿城中国在香港上市。记者无法联系到工商银行管理人士进行置评。绿城中国看起来是在利用政府鼓励中资银行放贷的热潮来偿清西方投资者的债务。过去，中国企业利用国内贷款来偿还外国债券持有人的做法一直受到限制。不过投资者说，随着中国政策制定者敦促银行放贷以提振经济增长，这种限制看起来在放宽。尽管投资者支持绿城中国4月份提出的回购，他们并不是对所有这类回购都表示欢迎。今年早些时候，亚洲铝业控股有限公司(Asia Aluminum Holdings Ltd.)提出以相当于面值275%的价格回购债券，并以135%的价格回购所谓的“以实物支付的债券”（实际上是风险更大，不过收益更高的债券）。这桩交易失败，法庭3月份任命临时清算人员确定公司的下一步行动。绿城中国表示，回购债券对提振公司的财务状况至关重要。该公司在中国从事豪华住宅的开发。穆迪投资服务(Moody's Investors Service)驻香港分析师曾启贤(Kaven Tsang)警告说，绿城中国的状况依然脆弱。他本周在一份报告中说，信托融资成本很高，会增加公司的利息负担。银行家和分析师说，在中国信托债券的利率通常在15%左右。最初的绿城中国债券发行于2006年11月，将于2013年到期，票面利率为9%。此外，该公司仍有将于2010年5月到期的可转换债券。曾启贤说，用国内债券代替国外债券仍可能令该公司明年要想方设法地融资，他说本周的回购是“必输无疑”的做法。Laura Santini 本文涉及股票或公司document.write (truthmeter('2009年05月06日10:37', '3900.HK'));绿城中国控股有限公司英文名称：Greentown China Holdings Ltd.总部地点：中国大陆上市地点：香港交易所股票代码：3900
A struggling Chinese property company will buy back nearly all of its $400 million of foreign bonds after a capital-raising that included investment by a Chinese bank, a sign that funding from domestic lenders may allow Chinese firms to pay off foreign debt holders.As a result of support from investors, Greentown China Holdings Ltd. avoided a default, which it risked as its capital position weakened, and the company crept dangerously close to breaching its bond terms, or covenants. Investors holding 89.72% of Greentown bonds have tendered their bonds at 85 cents on the dollar. An additional 2.16% of the bonds are expected to be sold, based on consent notices the company has received.The offer represents a 25% premium over where bonds were trading late last month.To fund the buyback, Greentown raised 1.98 billion Chinese yuan ($290.2 million) in April through a trust, which in turn sold notes to Industrial & Commercial Bank of China Ltd., the country's largest bank by market capitalization, as well as to undisclosed investors in China, according to a company filing.In its filing with the Hong Kong Stock Exchange, where its shares are listed, Greentown listed the trust as one of several sources of financing for the buyback. The company also shed some assets in order to raise the necessary funding.ICBC officials weren't available for comment.Greentown appears to be using a government-encouraged lending spree by Chinese banks to pay off Western investors. In the past, Chinese companies have been restricted from using domestic loans to redeem foreign bondholders. But investors say the restrictions appear to be relaxing as Chinese policymakers urge banks to lend to spur economic growth.While investors supported Greentown's offer, made in April, they haven't welcomed all such offers. Earlier this year, Asia Aluminum Holdings Ltd. offered to buy back bonds at 27.5 cents on the dollar and so-called payment-in-kind notes, which are essentially riskier but higher-yielding debt, at just 13.5 cents. The deal failed, and the court in March appointed provisional liquidators to determine the company's next step.Greentown said the buyback was essential to shoring up the company's finances. Greentown develops luxury residential properties in China.An analyst at Moody's Investors Service in Hong Kong warned that Greentown's position remains tenuous. In a report this week, Kaven Tsang said trust financing is expensive and increases the interest burden on the company. Trust notes generally pay interest rates in the mid-teens in China, bankers and analysts say. The original bonds, issued in November 2006 and maturing in 2013, carried a 9% coupon.In addition, the company still has convertible bonds due in May 2010. Replacing its foreign bonds with domestic debt could still leave the company scrambling to come up with capital next year, Mr. Tsang said, calling this week's buyback a ''heads I lose, tails I lose' predicament.'Laura Santini
A struggling Chinese property company will buy back nearly all of its $400 million of foreign bonds after a capital-raising that included investment by a Chinese bank, a sign that funding from domestic lenders may allow Chinese firms to pay off foreign debt holders.As a result of support from investors, Greentown China Holdings Ltd. avoided a default, which it risked as its capital position weakened, and the company crept dangerously close to breaching its bond terms, or covenants. Investors holding 89.72% of Greentown bonds have tendered their bonds at 85 cents on the dollar. An additional 2.16% of the bonds are expected to be sold, based on consent notices the company has received.The offer represents a 25% premium over where bonds were trading late last month.To fund the buyback, Greentown raised 1.98 billion Chinese yuan ($290.2 million) in April through a trust, which in turn sold notes to Industrial & Commercial Bank of China Ltd., the country's largest bank by market capitalization, as well as to undisclosed investors in China, according to a company filing.In its filing with the Hong Kong Stock Exchange, where its shares are listed, Greentown listed the trust as one of several sources of financing for the buyback. The company also shed some assets in order to raise the necessary funding.ICBC officials weren't available for comment.Greentown appears to be using a government-encouraged lending spree by Chinese banks to pay off Western investors. In the past, Chinese companies have been restricted from using domestic loans to redeem foreign bondholders. But investors say the restrictions appear to be relaxing as Chinese policymakers urge banks to lend to spur economic growth.While investors supported Greentown's offer, made in April, they haven't welcomed all such offers. Earlier this year, Asia Aluminum Holdings Ltd. offered to buy back bonds at 27.5 cents on the dollar and so-called payment-in-kind notes, which are essentially riskier but higher-yielding debt, at just 13.5 cents. The deal failed, and the court in March appointed provisional liquidators to determine the company's next step.Greentown said the buyback was essential to shoring up the company's finances. Greentown develops luxury residential properties in China.An analyst at Moody's Investors Service in Hong Kong warned that Greentown's position remains tenuous. In a report this week, Kaven Tsang said trust financing is expensive and increases the interest burden on the company. Trust notes generally pay interest rates in the mid-teens in China, bankers and analysts say. The original bonds, issued in November 2006 and maturing in 2013, carried a 9% coupon.In addition, the company still has convertible bonds due in May 2010. Replacing its foreign bonds with domestic debt could still leave the company scrambling to come up with capital next year, Mr. Tsang said, calling this week's buyback a ''heads I lose, tails I lose' predicament.'Laura Santini
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