A US dollar bonds that expired next year will be suspended due to failure to pay interest before the end of the width limit.
The Oceania Group issued a announcement on Monday (August 14) that the interest was not paid by US $ 20.94 million (S $ 28.34 million) before the end of August 13, resulting in a defaulted contract.
The Ocean Group announced that the bond was suspended from 9 am on the 14th until further notification was made.
According to Surging News, the bond is a US dollar bond issued by the Ocean Group in 2014. The issuance scale is US $ 700 million, the issuance price is 98.892 US dollars, the ticket rate is 6%.On the 30th, the width period of interest was 14 days.
According to Bloomberg, the Ocean Group has tried to get the support of the bond holder and will be extended to the interest on July 30 to be paid until September 30, but it fails to do so.
Kerry Real Estate's research data shows that the first seven months of Ocean Group ranked among the top 30 according to sales.Earlier, the "18 Ocean 01" exhibition plan of RMB bonds in the company has not been approved, but it has been added for 30 days to avoid bond defaults. The company is still trying to win the exhibition period of the holder's consent to avoid disclosure of domestic and overseas bonds.
In addition to the state -owned background, Ocean Group is facing debt repayment pressure, and Country Garden, one of the largest private housing companies, has also recently fallen into a liquidity dilemma.
After the announcement of 11 companies in China, Country Garden's stock price fell to a record low on Monday (14th), fell over 16%in early trading, and the Hang Seng China Real Estate Index fell 4.6%.
