On September 15, Cosco Group announced that eight of its overseas US dollar securities were suspended on the Hong Kong Stock Exchange.
This time, COSCO Group has eight overseas existing bonds suspended, with the maturity time distributed between 2024 and 2030, with a total size of 3.92 billion US dollars (≈ 28.599 billion RMB). According to the
Announcement, in order to facilitate the aforementioned overall debt management, the Group will suspend the payment of all offshore debts, including the following amounts under the offshore US dollar securities guaranteed by the Company:
The Announcement stated
that since the second half of 2021, the real estate industry in China has undergone significant changes. Real estate developers are facing unprecedented challenges in liquidity and capital. Since the beginning of 2023, the Group's contracted sales have declined rapidly despite the lack of significant improvement in the industry's sales and financing environment;
1. Respect the existing legal status of all creditors and the legal order of payment among creditors, and treat all creditors fairly;
2. Achieve a long-term, sustainable capital structure to reduce operational risk and unlock value for all holders.
He said that the best way out is to restructure its overseas debt in an all-round way, ensure fair and just treatment of creditors, provide a sustainable capital structure, and lay the foundation for the stable operation of the Group. The day before the
official default announcement (September 14), COSCO Group released its interim financial report for 2023, which showed
that the agreed sales amounted to 35.66 billion yuan, down 17% from the same period last year; The operating loss was 18.369 billion yuan, up 1590% from the loss of 1.087 billion yuan last year, and the total asset value was 216.143 billion yuan, down 12% from the same period last year.
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