On January 19, China Fortune Land Development Co.Ltd(600340) disclosed the progress of the company’s debt restructuring.
According to the announcement, as of January 19, 2022, China Fortune Land Development Co.Ltd(600340) and its subsidiaries signed the debt restructuring agreement with relevant creditors, involving the accumulated debt amount of the company and its subsidiaries of 8.857 billion yuan, debt interest reduction and penalty interest exemption of 547 million yuan, accounting for 14.91% of the company’s latest audited net profit attributable to the company’s shareholders of 3.665 billion yuan. Among the above debts that have signed the debt restructuring agreement, the amount of bonds and debt financing instruments is RMB 8.407 billion, and the amount of other financial debts is RMB 450 million, which are subject to the repayment method of “exchange”, “offset” and “connection”.
It is reported that China Fortune Land Development Co.Ltd(600340) reviewed and authorized matters related to debt restructuring transactions involved in the debt restructuring plan at the end of last year, and now has the latest progress. At that time, it was disclosed that China Fortune Land Development Co.Ltd(600340) existing financial debts totaled 219.2 billion yuan, and the accumulated amount of debts that failed to be repaid on schedule totaled 93.556 billion yuan (excluding interest). The repayment of these financial debts will be implemented under the unified arrangement of the debt restructuring plan.
