According to Zhitong Finance App, Taihe Holdings (00718) issued an announcement. On March 18, 2024, the borrower (MRB Residential Partners LLP, a wholly-owned subsidiary of the company), the company and its subsidiaries received a collection letter (this letter) from the legal adviser of the agent (a registered bank in the UK). According to the letter, the borrower failed to fulfill several commitments by March 4, 2024, and therefore defaulted on the financing agreement. Therefore, the agent requested immediate repayment of the outstanding amount under the financing agreement, along with additional interest and expenses, of approximately £19.05 million (amount collected) on March 15, 2024. Additional interest will be added until full actual payment is made. If payment is not made within the specified period, the agent states that measures will be taken immediately to exercise its rights.

The Group will do its best to consult with agents to avoid immediate enforcement action. The default did not result in any other existing loan agreement and/or bank financing entered into by the Group as a result of default. The fair value of these legally secured properties is approximately HK$583.5 million, far exceeding the amount collected.