Investor Presentaiton
Debt profile and capital management
Debt structure
Total debt: RMB111.3bn
By type
(As of 30 Jun 2021)
Offshore
senior notes
21%
Onshore bank
Short-term debt: RMB51.7bn
(As of 30 Jun 2021)
By type
Offshore
senior notes
13%
Offshore bank
& other
borrowings
17%
Offshore bank
& other
borrowings
12%
Onshore
corporate bonds
& other
borrowings
60%
Onshore
corporate bonds
8%
7%
Onshore bank
& other
borrowings
62%
• Onshore: 67%
• Onshore: 70%
⚫ Offshore: 33%
⚫ Offshore: 30%
•2H2021: 42%
1H2022: 58%
8%
Avg. borrowing cost
7.4%
7%
Debt maturity
Over 5 years
4%
7.5%
7.2%
7.0%
2-5 years
29%
Less than
1 year
46%
1-2 years
21%
6%
2018
2019
2020
1H2021
✓ As of 30 Jun 2021, total cash amounted to approx. RMB68.3bn, covering 1.3
times of short-term debt of approx. RMB51.7bn
✓ As of end-Jul 2021, short-term debt of approx. RMB2.5bn were repaid and
rolled over, alleviating short-term debt pressure with short-term debt ratio
lowered to 44%
Arranges refinancing in advance
Prudent capital management
DA
In Jan 2021, issued US$188mn 4.2% senior notes at par through exchange
offer and new issuance, further setting record-low borrowing cost among
Aoyuan's issuances
In Feb 2021, issued US$350mn 5.88% 6-year offshore senior notes, the
longest bond maturity ever issued by Aoyuan
In Jun 2021, issued US$200mn 7.95% senior notes due 2024, fully utilizing
the US$550mn offshore bond quota obtained from the NDRC
In Jul 2021, issued RMB1.82bn 4-year domestic corporate bond with a
coupon rate of 6.8%
✓ In Mar and May 2021, secured two tranches of 3-year offshore syndicated
loans of over HK$2.1bn in total, at an interest rate of HIBOR/LIBOR+4.30%
per annum with 12 commercial banks namely Bank of China (Hong Kong),
Bank of East Asia, Barclays Bank, China Construction Bank (Asia),
China Minsheng Bank Hong Kong Branch, Chong Hing Bank, CMB Wing
Lung Bank, Deutsche Bank, Hang Seng Bank, Nanyang Commercial Bank,
Standard Chartered Bank (Hong Kong) and Tai Fung Bank (in
alphabetical order)
Secured offshore bilateral loans of approx. HK$1bn in total from Nanyang
Commercial Bank, Chiyu Banking Corporation, China CITIC Bank
(International), and OCBC Bank in Singapore
Values corporate credibility
Completes redemption of all public offshore senior notes due 2021
Redeemed US$188mn offshore senior notes due Feb 2021 on time
In Mar 2021, redeemed US$500mn and S$100mn offshore senior notes
due Sep 2021 in advance
✓ Redeemed US$425mn offshore senior notes due May 2021 on time
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