Per reporter: Huang Wanyin Per editor: Chen Mengyu
On the evening of January 19, China Aoyuan issued an announcement that as of the date of this announcement, the total outstanding principal amount of the Notes was approximately US$1.086 billion, and the Company had not received any notice from the Trustee or any of the notes holders that the maturity date of the Notes would be pushed forward due to the events described in the December 2021 Announcement.
Subject to careful consideration of liquidity conditions, and in order to preserve its limited cash resources and maintain fairness to all creditors pending the overall debt restructuring, the Company will not pay the remaining principal and final interest on the January 2022 Notes on the relevant maturity and interest payment date, as well as the latest interest payment under the Notes 2023 and 2024 Notes after the expiration of the applicable 30-day grace period. The Group intends to apply the same principle with respect to other offshore financial liabilities, and default events will occur (or have occurred) under all other offshore financial liabilities of the Group.
China Aoyuan said it had specially appointed independent financial advisory experts to conduct in-depth due diligence on the Group's operations to assess the current liquidity and cash flow situation. The main purpose of the assessment and due diligence is to provide the basis for the development of an optimal restructuring plan. As at the date of the announcement, external professional consultants have made significant progress in assessment and due diligence.
As of December 31, 2021, China Aoyuan recorded unaudited property contract sales of approximately RMB121.03 billion, down approximately 9.0% year-on-year. As at the date of this announcement, most of the Group's real estate projects are proceeding as planned and on schedule, and the Group continues to ensure the completion and delivery of projects and reduce operating expenses.
As of press time, China Aoyuan News was HK$1.53, down 3.16%.
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