2023-11-10 10:08:30
China Fortune Land Development Co will set up a trust fund worth about 25.5 billion yuan ($3.50 billion) and use the proceeds to repay its financial debts of $3.33 billion, said the company on Friday.
The move is part of a debt restructuring plan unveiled in October 2021, with the debt-ridden developer seeking various ways to ease the liquidity crunch.
“Affected by multiple factors such as macroeconomic environment, industry and credit, liquidity has become tight in phases since the fourth quarter of 2020,” China Fortune Land said in a filing to the Shanghai Stock Exchange.
The company’s outstanding debts stood at 24.3 billion yuan as of Oct. 31, China Fortune Land said.
($1 = 7.2925 Chinese yuan renminbi) (Reporting by Ella Cao and Ethan Wang in Beijing, Twinnie Siu in Hong Kong; Writing by Alison Williams and Jason Neely)
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