CFLD progresses with asset sales, debt restructuring
China Fortune Land Development (CFLD) [SSE:600340] announced further progress in its asset sale and related-party transaction aimed at restructuring its debt. As part of the plan, CFLD is using a trust beneficiary interest to offset debt. As of the announcement, CNY 22.348 billion of financial debt has been offset using the trust, with registration of changes to the trust beneficiary ongoing. The underlying assets, held within a trust managed by Jianxin Trust, consist of 100% equity in Yu Nuojin Information Consulting and CNY 25.584 billion in creditor's rights related to Yu Nuojin and its 11 project subsidiaries. These assets were transferred to the trust in November 2023. The company stated that the transaction uses a counterparty that has agreed to the debt restructuring plan through bondholder meetings or court rulings. The remaining CNY 1.653 billion trust share offset transaction is in progress. CFLD cautioned investors to pay attention to future announcements and investment risks.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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