BRIEF: Zhenro Properties extends debt restructuring deadline
Zhenro Properties Group Ltd. (6158.HK) said on Thursday that the deadline in ongoing talks with its creditors for a restructuring support agreement has been extended from the end of October to Nov. 30.
The announcement marks the latest extension for Zhenro, which has already failed to reach an agreement by several previous deadlines after failing to reach consensus with its creditors. The company’s performance continues to deteriorate, as its loss grew by 60% year-on-year to 2.34 billion yuan ($329 million) in the first half of the year. The company had just 3.9 billion yuan in cash as of June, but total debt of nearly 60 billion yuan.
The company’s property sales are also falling, including a 47% year-on-year drop to just 570 million yuan in September. Its cumulative sales in the first three quarters of the year totaled nearly 4.9 billion yuan, down 61% year-on-year.
By Lau Chi Hang
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