Kaisa Group(01638) announced that it has issued a principal amount of approximately RMB 1,493.4 million on behalf of certain member companies of the group and its associated companiesFinancial managementThe product has expired in October and November 2021.Yu BenannouncementAs of date, the repayment measures have been implemented for wealth management products with a principal amount of approximately RMB 1.0968 billion.These measures include the redemption of 10% of the principal amount and interest from the 20th day of the month when the relevant principal amount is due, and the redemption of 10% of the principal amount and interest every three months from the due date; and the outstanding principal amount will be based on 4.35 %ofinterest ratePay deferred interest to the holder. Regarding the remaining principal amount of approximately RMB 396.6 million, the issuer of the relevant product is negotiating the repayment measures with the relevant holder.
In order to increase the liquidity of the group, the group is considering speeding up the salereal estateMeasures such as projects and high-quality assets.
According to the announcement, the group has a 30-day grace period to pay interest after the interest on the US dollar-denominated notes sold under its public offering expires. According to its public notes denominated in US dollars, the interest payment grace periods of approximately US$58,501,300 and US$29.875 million due in November 2021 will expire on December 11, 2021 and December 12, 2021, respectively. Except for those disclosed above, there are no other interest payments due under its outstanding US dollar public notes. As of the date of this announcement, none of the company’s outstanding public notes denominated in US dollars have expired. The company is considering taking measures (including issuing an exchange offer) on its outstanding USD 400 million public bill, which will expire on December 7, 2021.
As of the date of this announcement, certain members of the group have not fulfilled their repayment obligations under the financing agreement, includingBankLoans and certain other borrowings. The company is assessing the group’s repayment responsibilities in order to formulate an overall plan that takes into account the interests of all its stakeholders and solve the liquidity problems faced by the group.
In addition, the company has applied for the company’s shares to resume trading on the Stock Exchange from 9:00 am on November 25, 2021.
(Source: Zhitong Finance Network)
Article source: Zhitong Finance Network
Editor in charge: 108
Original title: Kaisa Group (01638) is considering measures to speed up the sale of real estate projects and high-quality assets to increase liquidity and resume trading on the 25th
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