Shenzhen Housing Enterprise South City, which has a state -owned enterprise, said that the company is facing major cash flow tensions and will not be able to pay on Wednesday (December 20) or November interest expired.
South China City Monday (December 18) issued an announcement on the Hong Kong Stock Exchange stating that the group has encountered and expected to continue to face major financial flow and cash flow.Other payment obligations under the monthly interest and bills, as well as the debt repayment obligations of many domestic financial institutions, which are about 500 million yuan (S $ 93 million), will expire in December 2023.
Announcement stated that the company did not pay enough financial resources to pay November interest on December 20, 2023.
According to each network report, South China City still has five Chinese US dollar bonds, with a balance of 1.152 billion US dollars (S $ 1.535 billion), and the latest interest votes are 9.0%.April, June, July, October and December 2024.
The announcement stated that as of Monday, 69.8%of the total number of tickets holders had voted to support the company's request to ask the company, that is, the extension of the five dollar notes expired in 2024 and the expiration period and the period and the period and the period of maturity and the expiration period andReduce ticket interest rates.This requires that each check will receive more than 75%of the holders to vote for approval.
Shenzhen SARS, a wholly -owned affiliated company, Shenzhen Special Economic Zone Construction and Development Group has agreed to invest in HK $ 1.91 billion (S $ 326 million) in December 2021 to subscribe to China South City's shares, becoming the company's largest largestshareholder.
