Chinese property firm Yuzhou hits record low after failing to pay notes interest

Yuzhou group Co

08/03/2022 05:52

** Shares of Chinese property developer Yuzhou Group
Holdings Co Ltd  1628.HK  fall 7.5% to HK$0.49, their fresh low
since debut in November 2009, extending losses for a third
straight session
    ** Yuzhou, with current market capitalisation of HK$3.239
bln ($414.19 mln), said it the company did not make payment of
$21.25 mln interest on the 8.5% senior notes due 2023, before
the expiry of 30-day grace period  urn:newsml:reuters.com:*:nFWN2VA0L4
    ** Says the non-payment has caused an event of default and
holders of the outstanding notes may demand immediate repayment
of the principal and accrued interest, but the company has not
received any notice regarding acceleration action by the notes
holders so far
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 2.2%
and Hang Seng Composite Index, which tracks properties and
construction stocks  .HSCIPC , slips 0.7%
    ** The Hang Seng Composite Index  .HSCI  slides 0.6%     
and the benchmark Hang Seng Index  .HSI  eases 0.1%

    ($1 = 7.8200 Hong Kong dollars)

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