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Top related persons:
Powerlong - 1 Echha Jain - 1 Devika - 1
Top related locs:
Bengaluru
Top related orgs:
HK - 1 Singapore Exchange - 1 Thomson - 1

Search resuls for: "Powerlong"


2 mentions found


☆ China's Powerlong Real Estate warns of debt default risk
  + stars: | 2023-11-29 | by ( ) www.reuters.com   time to read: +1 min
Nov 29 (Reuters) - Powerlong Real Estate (1238.HK) said on Wednesday its cash on hand and bank deposits would not be enough to cover existing and future debt, making it the latest Chinese property developer that could default. In an exchange filing, Powerlong also said it has not made an interest payment of $15.9 million under 5.95% senior notes due April 2025 issued by the company. China's property sector has been squeezed by a regulatory crackdown since 2020 as authorities curbed excessive debt, which tightened liquidity and raised default risks for developers. Powerlong Real Estate's interest became due and payable on Oct. 30 and the company had a grace period of 30 days to make the payment. Separately, Powerlong said it was working towards ensuring timely delivery of its property development projects to secure cash resources for sustainable development.
Persons: Powerlong, Echha Jain, Devika Organizations: HK, Singapore Exchange, Thomson Locations: Bengaluru
☆ China plan to restore sector liquidity boosts property stocks, bonds
  + stars: | 2022-11-14 | by ( Clare Jim Xie Yu | Clare Jim | Xie Yu | ) www.reuters.com   time to read: +4 min
The plan comes as the cash-strapped sector has struggled with defaults and stalled projects, hitting market confidence and weighing on the world's second-largest economy. Policymakers' previous efforts to help financing has done little to bolster the property market. The Hang Seng Mainland Properties Index (.HSMPI) jumped 16.2%, with the share prices of many Chinese property developers posting double-digit gains. The notice "introduced by far the most comprehensive set of support measures for the ailing property market," it said. Some investors remained cautious about the impact of the latest policy, however, as regulators have already made many attempts to revive the property sector and the macro environment remains weak amid the country's COVID restrictions.
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