China Fortune Land provides update on major asset sale progress

China Fortune Land Development (CFLD) has provided an update on the progress of its major asset sale and related party transaction. The company previously established a self-benefiting property rights trust plan, valuing the 100% equity of Yunuo Gold (Gu'an) Information Consulting Services Co., Ltd. and its associated 11 project companies at 25.584 bn yuan in debt. This trust was designed to offset up to 24.001 bn yuan in "exchange-for-offset" type financial debts.

The asset consolidation and trust establishment were completed on November 21, 2023. As of the announcement date, 22.348 bn yuan of the trust offset debt transaction has been completed according to the Debt Restructuring Agreement. The change in beneficiaries for the trust beneficiary rights is still in progress, and the remaining 1.653 bn yuan in trust offset debt transactions are ongoing.

CFLD confirmed that the major asset restructuring is not yet fully implemented and the company will continue to advance the transaction in accordance with regulatory requirements. Investors are advised to monitor future announcements for further updates.