Brief: China Properties Updates On $226 Mln 15.0% Senior Notes Due 2021 By Cheergain

China Properties

15/10/2021 16:17

Oct 15 (Reuters) - China Properties Group Ltd  1838.HK :
    * CHINA PROPERTIES REFERS TO USD226 MILLION 15.0% SENIOR
NOTES DUE
2021 BY CHEERGAIN GROUP
    * CHINA PROPERTIES GROUP LTD -  2021 NOTES HAVE MATURED ON
15 OCT
AND WILL BE DELISTED FROM INTERNATIONAL STOCK MARKET
    * CHINA PROPERTIES GROUP - NO PAYMENT WAS MADE BY ISSUER ON
MATURITY DATE AND SUCH NON-PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER INDENTURE
    * CHINA PROPERTIES GROUP LTD -  SUCH NON-PAYMENT CONSTITUTES
AN
EVENT OF DEFAULT UNDER INDENTURE CONSTITUTING 2021 NOTES
    * CHINA PROPERTIES GROUP LTD -  TOTAL AMOUNT DUE UNDER 2021
NOTES
COMPRISES OUTSTANDING PRINCIPAL OF USD225.6 MILLION
    * CHINA PROPERTIES GROUP LTD - HAS BEEN COMMUNICATING WITH
HOLDERS
OF 2021 NOTES
    * CHINA PROPERTIES GROUP - CURRENT LIQUIDITY ISSUE IS CAUSED
BY A
"TIMING MISMATCH" AS CO IS NOT ABLE TO FUND OUTSTANDING AMOUNT
DUE
    * CHINA PROPERTIES GROUP LTD - NOT ABLE TO FUND OUTSTANDING
AMOUNT
DUE UNTIL IT HAS COMPLETED SALE OR REFINANCING OF CERTAIN OF ITS
ASSETS
    * CHINA PROPERTIES GROUP - REMAINS COMMITTED TO CONSIDERING
AND
WORKING ON ALL POSSIBLE OPTIONS WITH SOLE OBJECTIVE OF ARRANGING
FOR SUFFICIENT FUNDS
    * CHINA PROPERTIES - COMMITTED TO EXPLORING OPTIONS FOR
FUNDS
INCLUDING REFINANCING, DISPOSAL OF CERTAIN REAL ESTATES IN
SHANGHAI AND CHONGQING
    * CHINA PROPERTIES- CONTROLLING SHAREHOLDER INFORMED CO HE
WILL
CONTINUE TO PROVIDE SUPPORT TO CO TO RESOLVE CURRENT LIQUIDITY
CRUNCH

Further company coverage:  1838.HK 

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