![]() The financial health of key operators in the world's largest car market is closely watched by global and domestic investors, particularly as leveraged companies wrestle with the pressure from the pandemic and weaker domestic consumption.Īfter several high-profile defaults among state-linked borrowers, there is also rising interest in the level of government intervention faced by such companies and the fallout for international companies with ties to them.īrilliance Auto has already agreed to sell some of its shares in the Hong Kong-listed subsidiary to another state-owned unit. ![]() That sent Brilliance China Automotive's stock price plummeting on the same day. The group needs to repay 1.37 billion yuan ($200 million) in outstanding local bonds this year, Bloomberg-compiled data show.īrilliance Auto, also known as Huachen Automotive Group, saw one of its onshore bonds tumble 35 percent in interbank market trading Thursday to a record low amid rising doubts about its repayment ability. Speculation has been building that the group will struggle to service its liabilities after its banks set up a creditor committee to coordinate claims on the company's debt. It also builds the 60H from its China-only brand Zinoro, according to information on the company's website. The joint venture builds the 3 Series, 5 Series, and 1 Series alongside the X1 and X3 SUVs in China for BMW. HONG KONG - The parent of BMW's joint venture partner in China, Brilliance Auto Group Holdings Co., is facing mounting scrutiny from investors who are increasingly worried about the state-owned company's capacity to juggle its debt load as the pandemic weighs on profits.īrilliance Auto is the parent of Hong Kong-listed Brilliance China Automotive Holdings Ltd., which manufactures vehicles with BMW in China via a joint venture.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |