Home News Chinese property developer Ronshine misses interest payments on two bonds

Chinese property developer Ronshine misses interest payments on two bonds

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Surveillance cameras will be seen near a real estate project under construction in Shenzhen, Guangdong Province, China, November 8, 2021. Photo taken on November 8, 2021. REUTERS / David Kirton

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Hong Kong, July 10 (Reuters)-Chinese real estate developer Ronshine China Holdings Ltd (3301.HK) Due to a recent blow to China’s confused real estate market, it has not paid a total of $ 27.9 million in interest on its June 2023 and December 2023 notes.

Ronshine has not paid $ 12.798 million in interest on 8.1% senior notes by June 2023. It is due on June 9th and has a 30-day grace period to pay such interest.

The company also said it had not paid $ 15.07 million interest on 7.35% senior notes by December 2023. It is due on June 15th and has a 30-day grace period to pay interest.

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“In light of our current liquidity position, the Group cannot guarantee that the above senior note and other senior notes will be able to meet their interest repayment obligations when they are due or within the relevant grace period,” Ou Zonghong said. The chairman said. ..

Mr. Ronshine said he has not received any notice of accelerated repayment from holders of the June 2023 note or the December 2023 note so far.

Developers want creditors to give them a certain amount of buffer time to solve their funding problems, and seek feasible solutions with foreign creditors to find solutions to their related debt. He said he intends to hire an outside advisor to seek out.

The statement was issued a week after rival Shimao Group (0813.HK) He said he missed the interest and principal payments on the $ 1 billion offshore bond. read more

China’s real estate sector has been hit by a series of offshore debt defaults highlighted by the China Evergrande Group. (3333.HK)Once the best-selling developer in the country, it is now the world’s most debt-ridden real estate company.

3 of the Top 5 Publishers-Evergrande, Kaisa Group (1638.HK) And fusion China (1918.HK) -You are already in default on dollar-denominated bonds.

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Report by Donny Kwok; edited by David Evans

Our criteria: Thomson Reuters trusts the principles.

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