毁三观！一老牌港资房企，自己做空自己

Core Viewpoint - Far East Consortium International Ltd. is exhibiting unusual behavior by repurchasing its perpetual bonds and then selling them at a loss, signaling a lack of confidence in its own financial outlook [5][11]. Group 1: Company Actions - In the fiscal year 2025, the company repurchased $396.8 million of its perpetual bonds, which had a total principal amount of $400 million, and later sold them for $394.8 million, incurring a loss of approximately $20,000 [3][4]. - The company's chairman's family members, including his daughter and wife, have also sold significant amounts of the company's bonds, indicating a broader lack of confidence within the company's leadership [6][7]. - The company announced a suspension of dividend payments for the fiscal year 2025, which could have severe implications for perpetual bondholders, as it may allow the company to avoid interest payments on these bonds [11][17]. Group 2: Market Implications - The termination of a significant asset swap deal with The Star Entertainment, which was expected to benefit all parties involved, further reflects the company's deteriorating position and strategy [13][14]. - The company is reportedly preparing for new debt issuance, raising questions about its credibility given its recent actions regarding perpetual bonds and dividend payments [16][17]. - The company's strategy of "self-shortening" may be aimed at creating conditions for a low-cost redemption of its perpetual bonds, which could complicate its ability to issue new debt in the future [18][19].