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Hong Kong-listed real estate developer Glorious Property could become the latest victim of China’s property crunch after the mainland builder disclosed last week that its revenues had dropped 85 percent this year and it had failed to make payments on loans.
According to a statement filed by Glorious with the Hong Kong stock exchange, the company missed deadlines for making RMB 3.02 billion ($475 million) in payments on RMB 6.5 billion ($1.02 billion) in debt so far this year, and it has yet to reach agreements with creditors on restructuring these obligations.
With the same statement revealing that Glorious lost nearly RMB 1 billion ($157 million) in the first six months of the year, credit agencies S&P and Moody’s have both since responded by downgrading the developer’s credit. The two agencies raised doubts over the company’s ability to meet its obligations on $300 million in bonds that are due to mature on October 25th.
Read more....Glorious Property Misses Payments on $1.02B in Debt
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another notable default, this time on the HKSE. Gearing of 157.2% dun pray pray...
From Billionaire to Bankrupt... Not so glorious anymore.
According to a statement filed by Glorious with the Hong Kong stock exchange, the company missed deadlines for making RMB 3.02 billion ($475 million) in payments on RMB 6.5 billion ($1.02 billion) in debt so far this year, and it has yet to reach agreements with creditors on restructuring these obligations.
With the same statement revealing that Glorious lost nearly RMB 1 billion ($157 million) in the first six months of the year, credit agencies S&P and Moody’s have both since responded by downgrading the developer’s credit. The two agencies raised doubts over the company’s ability to meet its obligations on $300 million in bonds that are due to mature on October 25th.
Read more....Glorious Property Misses Payments on $1.02B in Debt
======================================
another notable default, this time on the HKSE. Gearing of 157.2% dun pray pray...
From Billionaire to Bankrupt... Not so glorious anymore.
Virtual currencies are worth virtually nothing.
http://thebluefund.blogspot.com
http://thebluefund.blogspot.com