Powerlong Real Estate misses $15.9mn interest payment
Real Estate

Powerlong Real Estate misses $15.9mn interest payment

Powerlong Real Estate disclosed in an exchange filing that its available cash and bank deposits would fall short of covering both current and future debts, marking the company as the latest Chinese property developer facing potential default.

Additionally, the firm acknowledged its failure to make a $15.9 million interest payment on 5.95% senior notes due in April 2025, listed on the Singapore Exchange. The broader context involves China's property sector grappling with regulatory interventions since 2020, aimed at curbing excessive debt, which has led to constrained liquidity and heightened default risks for developers.

Powerlong Real Estate's grace period of 30 days for the overdue interest payment lapsed after the interest became due on October 30.

The non-payment triggers an event of default under specific offshore long-term interest-bearing obligations of the company. Simultaneously, Powerlong affirmed its commitment to ensuring the timely completion of property development projects to secure cash resources for sustainable development.

Powerlong Real Estate disclosed in an exchange filing that its available cash and bank deposits would fall short of covering both current and future debts, marking the company as the latest Chinese property developer facing potential default. Additionally, the firm acknowledged its failure to make a $15.9 million interest payment on 5.95% senior notes due in April 2025, listed on the Singapore Exchange. The broader context involves China's property sector grappling with regulatory interventions since 2020, aimed at curbing excessive debt, which has led to constrained liquidity and heightened default risks for developers. Powerlong Real Estate's grace period of 30 days for the overdue interest payment lapsed after the interest became due on October 30. The non-payment triggers an event of default under specific offshore long-term interest-bearing obligations of the company. Simultaneously, Powerlong affirmed its commitment to ensuring the timely completion of property development projects to secure cash resources for sustainable development.

Next Story
Resources

RentenPe and Mygate Partner to Transform Rent Payments in India

Through a strategic partnership, RentenPe and Mygate aim to streamline rent payments and promote financial inclusion by enabling rent-based credit scores for Indian renters. RentenPe, India’s first Rent Credit Score™ platform and a pioneer in rental fintech innovation, has entered a significant alliance with Mygate, the leading community management app in the country. This partnership will transform rent transactions for millions of Indian households by embedding RentenPe’s payment and rent credit scoring technology directly within the Mygate app. With this integration, all ren..

Next Story
Real Estate

Supreme Unveils New Brand Identity to Elevate Lifestyle

Supreme, a respected name in Indian real estate with a four-decade legacy, has announced a complete rebranding. The move includes the launch of a new logo and a revamped website, both reflecting the group’s refreshed vision to ‘Elevate Lifestyle’. This brand transformation represents more than a visual refresh—it marks a strategic shift in the company’s mission, visual identity and market positioning. The update will be visible across all of Supreme’s digital, social and offline communication platforms. At the core of the initiative is a renewed focus on purposeful design..

Next Story
Infrastructure Urban

Capri Loans Launches #TarrakiKeHaath Campaign Honouring India’s Everyday Heroes

Capri Global Capital Ltd (Capri Loans), a leading non-banking financial company, has unveiled its latest brand campaign, #TarrakiKeHaath, a powerful tribute to the everyday hands that build India — from kirana store owners and taxi drivers to dhaba workers, tailors, and carpenters. Narrated by Capri Loans’ long-standing brand ambassador and acclaimed actor Pankaj Tripathi, the campaign celebrates the dignity, resilience, and aspirations of self-employed individuals and small business owners who form the backbone of Bharat’s economy. Conceptualized by Rediffusion Brand Solutions, the..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?