Chinasouthcity (01668) fell more than 6% again, with a cumulative decline of over 35% from May 20 to now. As of press time, it fell by 6.01%, and the price was 0.219 Hong Kong dollars, with a turnover of 13.1 million Hong Kong dollars.
According to the WiseNews app, Chinasouthcity (01668) has fallen by more than 6% again, with a cumulative decline of over 35% from May 20 to now. As of press time, it fell by 6.01%, and the price was 0.219 Hong Kong dollars, with a turnover of 13.1 million Hong Kong dollars.
On June 3, according to relevant documents from the Hong Kong High Court, Special Zone Construction and Development Group, which belongs to the Shenzhen State-owned Assets Supervision and Administration Commission, has been summoned. The creditors who filed the lawsuit demanded compensation of at least US$1.4 billion (10.92 billion Hong Kong dollars). It is reported that Special Zone Construction and Development Group holds 29.28% of Chinasouthcity's equity, which does not meet the standard of state-owned enterprises holding at least 50% of state-owned assets and belongs to a mixed-ownership enterprise. On August 9, 2022, Special Zone Construction and Development Group signed a maintenance agreement with relevant creditors to assist Chinasouthcity in fulfilling its repayment obligations for five US dollar bonds issued. Previously, Chinasouthcity Real Estate failed to pay the principal of a US dollar bond of 11.25 million US dollars due on February 9th, and later failed to pay two batches of bills due in April. Creditors believe that Chinasouthcity has defaulted.
It is reported that Special Zone Construction and Development Group holds 29.28% of Chinasouthcity's equity, which does not meet the standard of state-owned enterprises holding at least 50% of state-owned assets and belongs to a mixed-ownership enterprise. On August 9, 2022, Special Zone Construction and Development Group signed a maintenance agreement with relevant creditors to assist Chinasouthcity in fulfilling its repayment obligations for five US dollar bonds issued. Previously, Chinasouthcity Real Estate failed to pay the principal of a US dollar bond of 11.25 million US dollars due on February 9th, and later failed to pay two batches of bills due in April. Creditors believe that Chinasouthcity has defaulted.