Chinese developer China South City Holdings plunged 37 per cent to an all-time low after it warned last week that it would default on multiple bonds maturing this year, having earlier failed to win reprieve from creditors to postpone repayment. The Shenzhen-based company tumbled to HK$0.134 at 2.20pm local time in Hong Kong from HK$0.212 on Friday as trading resumed after the Lunar New Year break, set to close at the lowest since its listing in September 2009. Today's slump extended the stock's
China South City Holdings averted a default on an offshore debt after winning consent from creditors on deadline day, a narrow escape for the state-backed developer struggling with a liquidity squeeze after months of sliding home sales. It failed to restructure four other bonds. Bondholders agreed to extend the maturity of its US$235 million July 2024 note by 37 months to August 2027, as well as lower the annual coupon by half to 4.5 per cent, according to a statement issued by its information a
華南城(01668)表示,沒有足夠的財務資源在2023年12月20日或之前支付11月利息。除了11月利息和票據下其他支付義務外,集團還有其他重大的支付義務,包括約5億元人民幣的對多家境內金融機構的償債義務,這些債務將於2023年12月到期。