S&P Global downgrades developer Greenland to ‘selective default’

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HONG KONG: Ratings agency S&P Global downgraded Greenland Holdings to “selective default” on Wednesday after the state-backed Chinese property developer extended the maturity of its $500 million bond originally due by one year June 25.

“We view the transaction as a restructuring of distressed debt and tantamount to default,” the rating agency said in a statement, adding that Greenland is facing a significant number of offshore debt maturities over the past few months. next 12 months, totaling approximately $2.4 billion.

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