China South City flags potential default on October 2024 notes payment
PROPERTY developer China South City Holdings said on Friday (Feb 9) that it is likely to default on the mandatory redemption payment due on Feb 9 for its 9 per cent Senior Notes due October 2024, citing depressed sales and cash flow.
It also expects to default on the interest payment due on Feb 12 for its 9 per cent Senior Notes due April 2024.
“...(Such defaults) would have a significant material adverse effect on our business, operations and financial condition, including possibly insolvency or other forms of restructuring,” the property developer said.
The company, which has been experiencing an increasing strain on its working capital amid China’s property sector woes, said it is seeking financing and is working on generating sufficient cash flow to prevent the potential default. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Country Garden to begin court battle against liquidation threat
US single-family housing starts, permits fall in April
Strong demand for ECs could spur competition for Pasir Ris GLS site
Punggol Digital District to open from Q3 with 65% of space pre-committed
Retail units at 20 Cecil Street for sale from S$3.8 million
China property stocks gauge jumps on proposal for home purchases