Deals
Glorious Property Misses More Loan Repayments as Sales Drop
- Management confident lenders won't enforce immediate repayment
- Company has a $300 million bond that matures next month
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Glorious Property Holdings Ltd. said it’s selling assets to raise cash and negotiating with lenders to ease its financial burden after falling behind in servicing 10.5 billion yuan ($1.6 billion) of loans.
The Shanghai-based developer had failed to pay 1.82 billion yuan of principal and interest on 5.4 billion yuan of debt as of June 30 when it consolidated its first-half results, according to a Hong Kong stock exchange filing late Monday. The company has since missed repaying another 1.2 billion yuan on 5.1 billion yuan of borrowings, it said.