Powerlong Real Estate misses $15.9mn interest payment

01 Dec 2023 CW Team

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.

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