China’s Sinic Holdings expects to default on $250 million 8˝% notes

By Rebecca Melvin

Concord, N.H., Dec. 22 – Sinic Holdings (Group) Co. Ltd. announced it is likely to default when its $250 million 8˝% senior notes mature on Jan. 24, according to a company announcement.

“Having given careful consideration to its liquidity, the company currently anticipates that it will not have enough financial resources to make payments of the principal and the last instalment of interest of the January 2022 bonds on the maturity date,” the company said.

The bonds will be delisted from the Hong Kong stock exchange when they mature. After withdrawal of listing, bondholders may contact the company (Suites 1016-1019, 10/F, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong or ir@xinlizd.com) for information.

Trading of the shares and debt securities of the company on the exchange has been suspended since Sept. 20 and will remain suspended until further notice.

The real estate development company is based in Shanghai.

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