China Fortune Land Development: Achieved a debt restructuring of 190 billion yuan, with a cash payment of 5.5 billion yuan
2024-08-17
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On August 17, China Fortune Land Development Co., Ltd. (China Fortune Land Development, 600340.SH) announced the progress of debt restructuring and other matters.
As of July 31, 2024, the amount of debt restructuring of 219.2 billion yuan of financial debts in China Fortune Land Development's "Debt Restructuring Plan" through signing and other means has accumulated to approximately RMB 190.029 billion [including the restructuring of 37.13 billion yuan of domestic corporate bonds issued by the company and its subsidiaries and the restructuring of 4.96 billion US dollars (approximately RMB 33.532 billion) of bonds issued by overseas indirect wholly-owned subsidiaries], and the corresponding debt interest reduction and penalty interest exemption amount totaled RMB 19.967 billion. So far, the company has initiated four batches of cash repayment arrangements, and the total amount of cash repayments in the four batches is expected to be approximately RMB 5.544 billion.
As of the date of disclosure of the announcement, the outstanding balance of domestic corporate bonds issued by China Fortune Land Development and its subsidiary Jiutong Investment was RMB 27.495 billion, a decrease of RMB 9.635 billion from the end of 2023. The change in the bond balance was mainly due to the application of some corporate bond holders to cancel the bond shares they held. The above-mentioned behavior is an independent arrangement made by bond investors for the form of debt continuation based on their own reasons and considerations. It does not involve debt relief, differentiated repayment, insider trading, interest transfer and any violation of laws and regulations. After the bond shares are cancelled, the issuer will continue to repay the relevant creditors in accordance with the Debt Restructuring Plan.
As of July 31, 2024, the amount of financial debts (principal and interest combined, the same below) offset by the equity of the "Happiness Selected Platform" built by China Fortune Land Development with the equity of its subsidiaries is approximately RMB 11.083 billion, and the corresponding equity ratio of the "Happiness Selected Platform" obtained by the relevant creditors is approximately 28.40%; the amount of operating debts offset by the equity of the "Happiness Selected Platform" and the "Happiness Optimized Platform" built by the equity of its subsidiaries is approximately RMB 5.846 billion, and the corresponding equity ratio of the "Happiness Selected Platform" obtained by the relevant creditors is approximately 2.69%, and the equity ratio of the "Happiness Optimized Platform" obtained by the relevant creditors is approximately 11.00%.
From July 1, 2024 to July 31, 2024, China Fortune Land Development has failed to repay RMB 201 million in new bank loans, trust loans and other forms of debts on time. As of July 31, 2024, the company has failed to repay a total of RMB 24.673 billion in debts on time. The company has recently filed new lawsuits and arbitration cases involving a total amount of RMB 319 million, accounting for approximately 4.45% of the company's latest audited net assets attributable to shareholders of listed companies of RMB 7.16 billion.
In addition, from July 31 to August 12, Wang Wenxue, the actual controller of China Fortune Land Development, increased his holdings of the company's shares by a total of 1.18 million shares through the Shanghai Stock Exchange trading system in a centralized bidding transaction manner, accounting for 0.030% of the company's total share capital, with a total increase of RMB 1.2508 million.
As of August 12, Wang Wenxue has accumulated 6.66 million shares of the company in the second round of share purchase plan in 2024, accounting for 0.170% of the company's total share capital, and the total amount of share purchase is RMB 6,904,350, which has exceeded 50% of the planned amount of share purchase in the second round of share purchase plan in 2024. The second round of share purchase plan in 2024 has not yet been implemented. The share purchase entity will continue to implement the share purchase plan in accordance with the second round of share purchase plan in 2024, according to the fluctuation of stock prices and the overall trend of the capital market, and choose the right time to gradually implement the share purchase plan.
Wang Wenxue's second round of share purchase plan in 2024 is to increase his holdings in the company's shares through centralized bidding on the Shanghai Stock Exchange trading system within 6 months from July 11, 2024. No price range has been set for this share purchase, and the total amount of share purchase will not be less than RMB 10 million and not more than RMB 12 million.
Before the implementation of the second round of share purchase plan in 2024, Wang Wenxue directly held 9,944,600 shares of the company, accounting for 0.254% of the company's total share capital; indirectly held 520,090,277 shares of the company through China Fortune Land Development Holdings Co., Ltd., accounting for 13.29% of the company's total share capital; indirectly held 26,676,000 shares of the company through Dingji Capital Management Co., Ltd., accounting for 0.68% of the company's total share capital; indirectly held 19,661,625 shares of the company through Beijing Oriental UnionPay Investment Management Co., Ltd., accounting for 0.50% of the company's total share capital.
The Paper reporter Liu Chang
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