China's Modern Land set for worst day ever on early notes repayment demand

Modern Land (China)

10/01/2022 02:33

** Shares of Chinese developer Modern Land (China) Co Ltd
 1107.HK  plunge 39.5% as the stock resumes trade after halting
since Oct 21, their biggest daily pct decline on record
    ** Stock hit HK$0.23, the lowest since debut in July 2013;
the biggest percentage decliner on the Hong Kong bourse
    ** Beijing-based developer said on Monday it has received
notices from certain noteholders demanding early repayment of
indebtedness and says a discussion with the noteholders for a
debt restructuring plan has been ongoing  urn:newsml:reuters.com:*:nFWN2TP00E
    ** Company, with current market value of HK$668 mln ($85.7
mln), says it has also received notices from other creditors
demanding early repayment of the relevant indebtedness and it
has been in discussion with the creditors for a waiver in
respect of the acceleration or enforcement actions
    ** Hang Seng Mainland Properties Index  .HSMPI  rises 1% and
Hang Seng Composite Index tracking properties and construction
stocks  .HSCIPC  gains 0.6%
    ** Hang Seng China Enterprises Index  .HSCE  climbs 0.9% and
Hang Seng Index  .HSI  increases 0.7%



($1 = 7.7982 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))