Times China suspends trading for six series of notes

By William Gullotti

Buffalo, N.Y., Jan. 4 – Times China Holdings Ltd. suspended trading for six series of dollar-denominated senior notes, according to an announcement on Wednesday.

Effective when the Hong Kong Exchange opens Jan. 5, trading will be suspended for the following series of Regulation S notes:

• 6.6% senior notes, issued by Times Property Holdings Ltd. Nov. 30, 2017, due 2023 (ISIN: XS1725308859);

• 6¾% senior notes due 2023 (ISIN: XS2027426027), issued in two parts on July 16, 2019 and Aug. 28, 2019;

• 6¾% senior notes due 2025 (ISIN: XS2198851482), issued in two parts on July 8, 2020 and Nov. 2, 2020;

• 6.2% senior notes due 2026 (ISIN: XS2234266976), issued in two parts on Sept. 22, 2020 and March 17, 2021;

• 5¾% senior notes due 2027 (ISIN: XS2282068142), issued on Jan. 14, 2021; and

• 5.55% senior notes due 2024 (ISIN: XS2348280962), issued on June 4, 2021 and July 27, 2021.

As of Wednesday, Times China has not made payment in relation to the interest for the 6.6% notes due 2023 or the 5.55% notes due 2024. The grace period of each missed payment expired on Dec. 20 and Jan. 3, respectively.

The nonpayment may lead to holders of the two series to demand acceleration of repayment, which would trigger holders of the other four series to be able to exercise the same right.

No such notice of acceleration was received as of the announcement date.

Times China is a property development holding company based in Guangzhou, China.

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