On July 4, China Fortune Land Development announced that as of June 30, 2022, the company's "Debt Restructuring Plan" has signed contracts for a total amount of 118.603 billion yuan of debt restructuring.
As of June 30, 2022, the company has failed to repay its debts on time with a total of 46.125 billion yuan (excluding interest). After signing the "Debt Restructuring Agreement", the company's financial debt will be executed according to the maturity date after the signing of the agreement, and the corresponding debt amount Debt defaults will be excluded from the amount by the adjusted maturity date).
From the disclosure of litigation and arbitration on May 11, 2022 by the company to June 30, 2022, the total amount involved in the litigation and arbitration matters of the company is 1.372 billion yuan, accounting for approximately 1.372 billion yuan in the latest audited period of the company attributable to shareholders of the parent company. 21.75% of net worth.It is still in the process of trial, and the final result of the case is uncertain, and it is impossible to judge the impact on the company's current or future profits.
Affected by the macroeconomic environment, industry environment, and credit environment superimposed by multiple rounds of epidemics, the company has faced periodic liquidity risks since the fourth quarter of 2020. The company's financing business has been greatly affected, and the normal development of the company's business has also been affected to a certain extent.Under the above background, the company's financial debts failed to repay as scheduled, and related lawsuits and arbitration cases occurred.In order to resolve the company's debt risks and accelerate the company's orderly operation, the company is actively promoting the implementation of the "Debt Restructuring Plan" under the guidance and support of the provincial and municipal governments and special classes.
At the close on July 4, China Fortune Land reported 3.16 yuan per share, with a total market value of 12.367 billion yuan.
(Editor in charge: Hua Qingjian)
