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Sunshine 100 Defaults on $220 Million of Green Bonds; Working to Meet Trading Resumption Conditions

MT Newswires ·  07/01 10:21

05:51 AM EDT, 06/30/2022 (MT Newswires) -- Sunshine 100 China Holdings (HKG:2608) failed to pay the $219.6 million principal and $28.5 million interest on its 13% green bonds that fell due on June 29, citing "continuous liquidity issues."

The property developer said the non-payment triggered a cross-default with its other bonds, but it is yet to receive a notice from creditors demanding the immediate repayment of the debt securities.

The homebuilder has been communicating with the holders of its 12% bonds to reach a redemption extension or other repayment arrangements as soon as possible.

In a separate filing, Sunshine 100 said it is working on satisfying the trading resumption conditions set by the Hong Kong bourse, which include publishing its outstanding financial results.

The Wednesday disclosure came nearly three months after trading in the real estate developer's shares was suspended on April 1 as the company failed to publish its 2021 annual report by the March 31 deadline.

The homebuilder said the publication of its financial statements will be further delayed due to the COVID outbreaks in mainland China, adding that the company's new auditor Mazars CPA needs more time to complete its review.

Price (HKD): $0.37, Change: $0.00, Percent Change: 0.00%

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