CFLD progresses with debt restructuring asset sales

China Fortune Land Development (CFLD) [SSE:600340] announced ongoing progress in its major asset sale and related-party transaction, designed to facilitate its debt restructuring plan. As of today, CFLD, through its subsidiary, has completed the asset aggregation and trust establishment phase, transferring assets valued at approximately RMB 255.84 billion to a trust managed by China Construction Trust by November 20, 2023. Furthermore, RMB 223.48 billion of trust beneficiary rights have been used to offset financial debts as part of the restructuring plan, and they have notified creditors of this arrangement. A remaining RMB 16.53 billion in trust units are being processed to offset debt. The company assures that it will continue adhering to regulations.