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By Bingyan Wang
China Aoyuan Group has reached an agreement to restructure some of its debt and released delayed financial results in preparation for resuming trading in Hong Kong.
The Chinese property developer said Sunday that it has formed a plan to restructure some of its debt overseas with major creditors. The plan involves issuing US$5 billion in bonds maturing in 2031, US$143 million in convertible bonds, and 1 billion ordinary shares at HK$1.06 each.
It also released financial results for 2022 and 2021 on Monday.
Aoyuan reported a loss of 7.84 billion yuan (US$1.08 billion) for 2022, narrowed from a CNY33.07 billion loss in 2021. That compares with a profit of CNY5.91 billion in 2020, before Beijing tightened property-sector regulations, limiting liquidity and triggering a rapid decline in sales.
Aoyuan posted revenue of CNY18.71 billion for 2022, down from CNY50.02 billion in 2021 and from CNY67.79 billion in 2020, the company said in a statement.
Trading in the company’s shares was suspended in April 2022 after it failed to release financial results for 2021.
Write to Bingyan Wang at [email protected]
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