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real estate finance network on september 13, china fortune land development issued an announcement on the progress of debt restructuring and other matters.

as of august 31, the amount of financial debts in china fortune land development's "debt restructuring plan" that were restructured through signing and other means totaled approximately rmb 190.029 billion (including the restructuring of domestic corporate bonds issued by it and its subsidiaries, and overseas us dollar bonds issued by its overseas indirect wholly-owned subsidiaries).

china fortune land development has built the "happiness selection platform" and "happiness optimization platform" with the equity of its subsidiaries. the total amount of equity used to offset financial and operating debts is approximately rmb 16.935 billion.

in august, china fortune land development and its subsidiaries failed to repay debts on time and no new debts occurred. as of august 31, the total amount of debts that failed to be repaid on time was rmb 24.555 billion.

in addition, from the last disclosure of litigation and arbitration to august 31, the total amount involved in new litigation and arbitration matters incurred by china fortune land development was rmb 441 million. the relevant cases are still in progress and the final outcome of the cases is uncertain. it is impossible to judge the impact on its current or future profits.

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