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    1838   KYG2159A1058

CHINA PROPERTIES GROUP LIMITED

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China Properties : defaults on notes worth $226 million

10/15/2021 | 11:55am EST

(Reuters) - China Properties Group Ltd said on Friday it had defaulted on notes worth $226 million as it failed to secure funds by the maturity date, joining a list of property developers in the country that are reeling from a debt crisis.

The case underscores the impact of China Evergrande Group, which is struggling under $305 billion in debt, on the rest of the high-yield sector as liquidity dries up and sales slow.

Earlier this week, Chinese developer Sinic Holdings said it would likely default on bonds worth $250 million.

China Properties said it had failed to secure funds by Oct. 15, the maturity date of the notes, due to a "timing mismatch" and that it would not be able to make repayments until it had sold or refinanced some of its assets.

The Hong Kong-headquartered company said its controlling shareholder Wong Sai Chung had assured he would continue to provide support to the firm through the liquidity crisis.

For now, the notes would be delisted from foreign bourses, it added.

(Reporting by Anushka Trivedi in Bengaluru; Editing by Arun Koyyur and Anil D'Silva)


ę Reuters 2021
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Financials
Sales 2019 589 M 92,8 M 92,8 M
Net income 2019 -283 M -44,5 M -44,5 M
Net Debt 2019 10 795 M 1 699 M 1 699 M
P/E ratio 2019 -5,00x
Yield 2019 -
Capitalization 622 M 96,3 M 97,9 M
EV / Sales 2018 122x
EV / Sales 2019 20,5x
Nbr of Employees 380
Free-Float 100%
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Managers and Directors
Sai Chung Wong Managing Director & Executive Director
Shih Chang Wang Chairman
Kai Cheong Kwan Independent Non-Executive Director
Koon Hoo Luk Independent Non-Executive Director
Garry Alides Willinge Independent Non-Executive Director