Fang has convertibles settlement plan: half now, half in December

Chicago, Sept. 28 – Fang Holdings Ltd. announced that it will settle its convertible notes with the help of guarantor China Index Holdings Ltd., according to a press release.

Settlement deeds have been entered into regarding the notes that were issued in 2015 with Safari Group CB Holdings Ltd., IDG Ultimate Global Ltd., Quartz Fortune Ltd., Velda Power Ltd. and Fountain II Ltd.

Due to a winding-up petition in the Grand Court of the Cayman Islands, the maturity date on the notes was accelerated to Dec. 13, 2020 from the original maturity date in 2022.

Half of the principal and accrued interest will be paid on Sept. 30 and the other half, in full and final settlement, will be paid on Dec. 31.

Fang will be responsible for repaying a total of $84,313,094 to convertible holders on Dec. 31.

Separately, Fang has entered into a supplemental agreement with CIH to repay the $84,313,094 that CIH is paying under the settlement deeds by Dec. 31, 2023.

CIH separated from Fang on June 11, 2019.

Fang Holdings, formerly SouFun Holdings Ltd., operates as a real estate internet portal in Beijing.

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