China Fortune Land updates on debt restructuring, shareholder meeting

As of September 30, 2025, China Fortune Land Development (CFLD) has restructured approximately 192.67 bn yuan of its 219.2 bn yuan financial debt, including domestic and offshore bonds. This resulted in a waiver of 20.20 bn yuan in interest and penalties. The company also utilized equity from its "Happiness Preferred Platform" and "Happiness Select Platform" to offset approximately 23.63 bn yuan in financial and operating debts.

Despite restructuring efforts, CFLD reported cumulative outstanding debt of 24.01 bn yuan (excluding interest) as of September 30, 2025, due to delays in repaying bank and trust loans. The company also faced new lawsuits and arbitrations totaling 782m yuan between September 1 and September 30, 2025.

Concurrently, CFLD held its second extraordinary general meeting on October 17, 2025. Shareholders approved a proposal to extend guarantees for its wholly-owned subsidiaries, with 99.19% of votes in favor. The meeting, which combined on-site and online voting, saw strong participation, especially from small and medium investors.