Guorui Properties provides further update, still seeking bondholders

Chicago, March 9 – Guorui Properties Ltd. provided a further update to the market regarding the last of its 13½% senior notes due 2022 (ISIN: XS1932655613), according to a notice.

The company said that there has been no cross-default on its other offshore bonds as a result of its nonpayment of the outstanding principal amount.

The $4.9 million principal amount that is still outstanding is less than the threshold that would have triggered a cross-default.

The company was able to exchange all of the notes except for the remaining $4.9 million.

Guorui Properties said it is actively identifying its investors of those notes with a view to reach a mutually agreed arrangement.

The homebuilder is incorporated in the Cayman Islands under the name Glory Land Co. Ltd. and is based in Beijing.

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