Securities abbreviation: China Fortune Land Development Co.Ltd(600340) securities code: 600340 No.: pro 2022-002 China Fortune Land Development Co.Ltd(600340)
Announcement on the 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 macroeconomic environment, industry environment and credit environment, China Fortune Land Development Co.Ltd(600340) (hereinafter referred to as “company” or ” China Fortune Land Development Co.Ltd(600340) “) liquidity has been strained at different stages. 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 stock resumption on October 8, 2021 (for details, see Lin 2021-074 announcement on the website of Shanghai Stock Exchange), which disclosed the main contents of the China Fortune Land Development Co.Ltd(600340) debt restructuring plan (hereinafter referred to as the “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 implementing debt restructuring, deliberated and authorized the matters related to debt restructuring transactions involved in the debt restructuring plan (see announcement Lin 2021-093 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 accumulated amount of debts that have not been repaid on time up to now is 93.556 billion yuan (excluding interest). The repayment of all financial debts of the company will be implemented under the unified arrangement of the debt restructuring plan. 2、 Progress in signing the debt restructuring agreement
As of January 19, 2022, the debt restructuring agreement signed between the company and its subsidiaries and relevant creditors involved the accumulated debt amount of the company and its subsidiaries of RMB 8.857 billion, debt interest reduction and penalty interest exemption of RMB 547 million, accounting for 14.91% of the company’s latest audited net profit attributable to the company’s shareholders of RMB 3.665 billion.
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 methods of “exchange”, “offset” and “connection”.
The company will resolutely abide by the business philosophy of integrity, actively solve current problems and implement the main business responsibility. Based on the basic premise of “not evading or abolishing debts”, and in accordance with the principles of marketization, legalization, fairness and justice and classified policy implementation, we will steadily resolve China Fortune Land Development Co.Ltd(600340) debt risks and safeguard the legitimate rights and interests of creditors in accordance with the law.
The company will continue to pay attention to the progress of the debt restructuring plan and regularly disclose the progress. It is hereby announced.
China Fortune Land Development Co.Ltd(600340) board of directors January 20, 2022
