Toronto M2M Condos | 129.9m | 40s | Aoyuan | Wallman Architects

July 1st

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Northern Light said:
So this will affect their other projects then presumably? Such as Peter St.
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I read this info from Aoyuan China official website. One of the article under investor relations. Not sure if u can read Chinese, But here is the link https://www.aoyuan.com.cn/vancheerfile/files/2023/7/20230702201621191.pdf
Under page 4 section c), it says 2 projects in Canada worth close to 300 millions is authorized to CBRE for sales as of end of 2022. So far I know Aoyuan has M2M, 123 Peter and One central in BC (which already sold in May 2023), I would assume 300 Millions for sure include M2M… And I am a buyer here lol
 
https://www.scmp.com/business/artic...tual_scroll_0&pgtype=article&campaign=3226376

Embattled developer China Aoyuan Group has reached an agreement with a third of the holders of its offshore debt for a restructuring plan that would allow it to obtain capital to sustain its daily operations, the company said in a filing with the Hong Kong exchange on Monday.
The Guangzhou-based developer has US$3.45 billion of debt in 12 dollar bonds, which formed part of its total of 42.8 billion yuan (US$5.9 billion) in foreign-currency debt at the end of 2022, according to the filing.
The agreement, which will need the approval of 75 per cent of the company’s creditors, includes a total of about US$4.2 billion in new notes, new shares, the transfer of shares to creditors, conversion of debt to equity and the issuance of perpetual securities.
Aoyuan is among 11 Chinese developers working to restructure their debts amid the threat of delisting now that Beijing has allowed the resumption of borrowing in the sector after the credit squeeze brought on by the ‘three red lines’ policy pushed many developers into default. The Hong Kong stock exchange suspended trading of Aoyuan’s shares in April 2022, and the company faces a delisting warning by the end of September.
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To pare down debts and fund its operations, the company in June 2022 disposed of assets including a 49 per cent stake in Aoyuan Property Group Australia, which had six projects under way, for A$105 million (US$70 million).
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https://www.marketwatch.com/story/a...ring-agreement-posts-delayed-results-c15f7cfc

China Aoyuan Group has reached an agreement to restructure some of its debt and released delayed financial results in preparation for resuming trading in Hong Kong.

The Chinese property developer said Sunday that it has formed a plan to restructure some of its debt overseas with major creditors. The plan involves issuing US$5 billion in bonds maturing in 2031, US$143 million in convertible bonds, and 1 billion ordinary shares at HK$1.06 each.

It also released financial results for 2022 and 2021 on Monday.
Aoyuan reported a loss of 7.84 billion yuan (US$1.08 billion) for 2022, narrowed from a CNY33.07 billion loss in 2021. That compares with a profit of CNY5.91 billion in 2020, before Beijing tightened property-sector regulations, limiting liquidity and triggering a rapid decline in sales.
Aoyuan posted revenue of CNY18.71 billion for 2022, down from CNY50.02 billion in 2021 and from CNY67.79 billion in 2020, the company said in a statement.
Trading in the company's shares was suspended in April 2022 after it failed to release financial results for 2021.
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Nothing is coming up for the Canadian projects that I have found.
 
It's hard to say,, I'm a buyer too. Aoyuan sold the One central project in Vancouver when they finished 96% of completion, and the new developer took over to finish off without adding any money to the original buyers.
 
Ayu13 said:
It's hard to say,, I'm a buyer too. Aoyuan sold the One central project in Vancouver when they finished 96% of completion, and the new developer took over to finish off without adding any money to the original buyers.
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Yeah. That is what I am hoping for. But I guess it will all depend on the deal and the developer who takes over.
 
@interchange42 I believe this is the correct project. Ridding TTC past the site today, they were removing a tower crane. If I was looking ahead more than I was , would have got a shot of it

It was where the old plaza used to be
 
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