HK's Chinese Estates to book $29 mln loss from sale of Kaisa bonds

Chinese Estates Holdings

21/10/2021 03:14

HONG KONG, Oct 21 (Reuters) - Chinese Estates Holdings Ltd
 0127.HK  on Thursday said it would book a loss of HK$225.89
million ($29.06 million) in its current fiscal year from the
sale of bonds issued by property developer Kaisa Group Holdings
Ltd  1638.HK .
    Chinese Estates sold 9.375% Senior Notes due 2024 with a $19
million principal and 11.7% Senior Notes due 2025 with a $29
million principal for $20.38 million including accrued interest
on Oct. 19 and 20 over the counter, it said in a filing to the
Hong Kong bourse. 
    It said it will use the proceeds for general working capital
and reinvestment.
    Chinese Estates, a former major shareholder of indebted
developer China Evergrande Group  3333.HK , previously said it
has significant investment in Kaisa, whose shares have fallen
over the past few months due to wider liquidity concerns about
China's real estate sector.  urn:newsml:reuters.com:*:nL1N2R302D

($1 = 7.7737 Hong Kong dollars)

 (Reporting by Donny Kwok; Editing by Christopher Cushing)
 ((donny.kwok@thomsonreuters.com; +852 3952 5874;))