Noteholders who qualify can exchange their holdings for notes denominated in US dollars
Qualifying noteholders have the option to convert their existing holdings into new senior secured notes, which are denominated in US dollars and feature an 8% annual coupon with a three-year term.
“These challenging market conditions have materially and adversely impacted the group’s business, operational performance, and financial and liquidity situation,” the developer stated in the filing.
The group's portfolio encompasses office, retail, and hospitality assets in Shanghai, as well as in Guangzhou, Zhongshan, and Hengqin within Guangdong province. In Hong Kong, it owns commercial and office properties such as Causeway Bay Plaza 2 and Cheung Sha Wan Plaza, along with a 50% stake in the China Construction Bank (CCB) Tower located in Central.