Securities abbreviation: China Fortune Land Development Co.Ltd(600340) securities code: China Fortune Land Development Co.Ltd(600340) No.: pro 2022015 China Fortune Land Development Co.Ltd(600340)
Announcement on the implementation progress of the company’s debt restructuring
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and bear individual and joint liabilities for the authenticity, accuracy and completeness of its contents. 1、 Overview of debt restructuring
Affected by multiple rounds of epidemics superimposed by the macroeconomic environment, industry environment and credit environment, China Fortune Land Development Co.Ltd(600340) (hereinafter referred to as “the company” or ” China Fortune Land Development Co.Ltd(600340) “) has experienced periodic liquidity tension. In order to resolve the company’s debt risk and accelerate the orderly operation of the company, the company actively coordinates all parties to discuss various ways to solve the current problems.
Under the guidance and support of the provincial and municipal governments and special classes, the company disclosed the announcement on the progress of major issues and resumption of stock trading on October 8, 2021 (see the announcement Lin 2021074 on the website of Shanghai stock exchange for details), which disclosed the main contents of China Fortune Land Development Co.Ltd(600340) debt restructuring plan (hereinafter referred to as “debt restructuring plan”). On December 27, 2021, the 17th meeting of the seventh board of directors of the company deliberated and adopted the proposal on the implementation of debt restructuring, which deliberated and authorized the matters related to debt restructuring transactions involved in the debt restructuring plan (see announcement Lin 2021093 on the website of Shanghai stock exchange for details).
According to the announcement on the progress of major events and resumption of stock trading disclosed by the company, the company’s existing financial debts total 219.2 billion yuan, and the total amount of debts that have not been repaid on time up to now is 40.739 billion yuan (excluding interest). The repayment of all financial debts of the company is implemented under the unified arrangement of the debt restructuring plan. 2、 Implementation progress of debt restructuring plan
In the recent debt restructuring plan, the amount of newly signed financial debt restructuring is 61.897 billion yuan. So far, the cumulative amount of debt restructuring of financial debt is 104812 billion yuan, and the corresponding amount of debt interest reduction and penalty interest exemption is 8.718 billion yuan, including:
1. Applicable to the method of “exchange, offset and connection”: the debt restructuring agreement signed by the company and its subsidiaries with relevant creditors involved the accumulated debt amount of the company and its subsidiaries of 96.130 billion yuan, with corresponding debt interest reduction and penalty interest exemption of 8.545 billion yuan, accounting for 233.12% of the company’s latest audited net profit attributable to the company’s shareholders of 3.665 billion yuan. Including 31.745 billion yuan of bonds and debt financing instruments and 64.385 billion yuan of other financial debts;
2. Applicable to the “exhibition” method: the company and its subsidiaries reached an agreement on the extension of the priority financial debt of the company and its subsidiaries by signing the debt restructuring agreement with relevant creditors, involving an amount of 3.489 billion yuan, with corresponding debt interest reduction and penalty interest exemption totaling 173 million yuan, accounting for 4.73% of the company’s latest audited net profit attributable to the company’s shareholders of 3.665 billion yuan;
3. Apply the “belt” method: take away about 5.193 billion yuan of financial debt through the sale of assets. 3、 Impact on the company
The implementation of the arrangements related to the debt restructuring plan will have a positive impact on the company’s financial situation and operating results, help reduce the company’s debt pressure and improve the company’s financial situation. For the asset sales involved, the company will timely fulfill the obligation of information disclosure in accordance with relevant laws and regulations. For details, see the progress announcement of asset sales related to debt restructuring disclosed by the company. 4、 Other information
The recent outbreak of a new round of epidemic in China has affected many parts of the country. Some regions and relevant personnel have been controlled and isolated to varying degrees due to the epidemic. Under the guidance of provincial and municipal governments and special teams, the company is trying to overcome the impact of the epidemic and orderly promote the signing of debt restructuring agreement, asset sale and other matters related to the implementation of debt restructuring plan according to the overall plan.
The company firmly abides by the business philosophy of integrity, actively solves current problems and implements the main business responsibility. Based on the basic premise of “not evading or abolishing debts”, the risk of China Fortune Land Development Co.Ltd(600340) debts should be steadily resolved and the legitimate rights and interests of creditors should be protected according to law in accordance with the principles of marketization, legalization, fairness and justice and classified policy implementation.
It is hereby announced.
China Fortune Land Development Co.Ltd(600340) board of directors April 1, 2022
