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There is new news in country Garden.
At noon on May 9, country Garden Properties issued an announcement on the interest payment arrangements during the "23 country Garden MTN002" grace period at the China Interbank Market Dealers Association.
According to the announcement, the second issue of country Garden Real Estate Group Limited ("country Garden Real Estate") in 2023 (23 country Garden MTN002) issued 900 million yuan, starting on May 9, 2023, with an issue maturity of 2 years, with an interest rate of 3. 3%.Gamenftplaytoearn.95%, the interest payment date is May 9, 2024, and the amount of interest payable for the current period is 35.55 million yuan.
The announcement said that due to the continued fluctuations in the industry, the company is facing an increasingly complex and severe business environment, and the company is making every effort to raise funds up to now, due to reasons such as the sales recovery is not up to expectations, and it is difficult to allocate funds. The above repayment funds cannot be paid on time on May 9, 2024, the interest payment date.
However, through the efforts of the company and all parties, actively raise funds, invigorate the mortgage assets, and try their best to fully repay the interest payable on the current medium-term notes and the interest during the grace period within 3 working days of the grace period (no later than May 13).
According to the agreement in the prospectus of "23 country Garden MTN002", set up the case of default if the principal or interest of the debt financing instrument is not paid in full on time.GamenftplaytoearnAfter a grace period of 5 working days, if the issuer has repaid the debt mentioned in this Article in full within that period, it shall not constitute a default of the issuer under the debt financing instrument of the current period. Interest shall be calculated and paid by 30BP according to the coupon rate during the grace period.
If the issuer fails to repay the current interest payable to the holder in full in accordance with the requirements of the current note prospectus on the interest payment date, and the repayment is not completed within 3 working days from the interest payment date (within the grace period), under the private enterprise bond financing support tool China Bond Credit Promotion Investment Co., Ltd. will fulfill its credit enhancement responsibility in accordance with the relevant provisions of the Credit Enhancement letter of Private Enterprise Bond financing support tools.
As recently as April 26, country Garden, the issuer of the medium-term notes, also announced that it should disclose its 2023 audit report and 2023 corporate bond annual report by April 30, 2024. Due to the continuous fluctuations in the industry and the increasingly complex business environment faced by the company, the company needs to collect more information to make appropriate accounting estimates and judgments. Based on careful consideration, the company is not expected to disclose its 2023 annual report on time. It should be pointed out that country Garden property is a subsidiary of Hong Kong listed company country Garden Holdings Limited (02007.HK), which also needs to disclose its annual audit report and bond report because it issues corporate bonds in China.
Earlier, on March 28, country Garden, which is listed in Hong Kong shares, also issued an announcement saying that as the group's debt restructuring is still going on, in view of the large number and wide distribution of the group's projects, the workload and complexity of relevant due diligence is heavy and complex. more time is needed to collect relevant financial information to carefully assess the group's current and future financial resources and financial obligations. The company expects to take longer to complete the preparation of the consolidated financial statements as at 31 December 2023 and may not be able to comply with the relevant requirements of the listing rules to publish the 2023 annual results before 31 March 2024.
In view of this, country Garden has been suspended since the beginning of April this year. On May 3, country Garden announced in Hong Kong that in April 2024, the company realized a total of 3.85 billion yuan in contract sales belonging to shareholders' rights and interests, and the contract sales floor area belonging to shareholders' rights and interests was about 430000 square meters. According to the cumulative previous sales, in the first four months of this year, country Garden achieved a total of 17.36 billion yuan in contract sales belonging to the company's shareholders' rights and interests.
On April 24, a reporter from company e learned from insiders close to country Garden that on April 12, 2024, country Garden published a notice of holding a meeting of bondholders on three bonds: H1 Bidi 01, H1 Bidi 02, H1 Bidi 04 (formerly 21 Bidi 01, 02, 04 respectively), and solicited the opinions of bondholders on the unified extension of the principal and interest payment of the above three bonds from March to June to September. According to the latest voting results, the above proposal has been approved by the holders' meeting.
According to the previously announced extension plan, country Garden should pay interest on "21 Bidi 01" for the period from March 12, 2023 to March 11, 2024, and pay 2% principal and corresponding interest on April 12; in addition, 2% principal and corresponding interest should be paid on March 17, 2024, and both bonds failed to be paid on time and entered the 30-day grace period.
