Group 1 - The company, Longfor China, announced it is unable to pay the interest on its $180 million notes due in November 2025, signaling a potential debt default [1][3] - As of December 31, 2024, Longfor China has approximately 1.93 billion RMB in interest-bearing bank and other borrowings that are overdue, triggering a default event on the November 2025 notes [1][3] - The company has a 30-day grace period to pay the $858,000 interest that was due on May 18, 2025, but is facing liquidity pressures [1][3] Group 2 - Longfor China reported a contract sales amount of approximately 5.409 billion RMB in 2024, with 2.25 billion RMB in the first five months of the current year [5] - The company's total revenue for 2024 was 8.265 billion RMB, representing a year-on-year decline of 53.06%, and it recorded a net loss of 658 million RMB compared to a profit of 148 million RMB in the same period last year [5][6] Group 3 - Longfor China is headquartered in Shanghai and holds a national first-class real estate development qualification, having been listed on the Hong Kong Stock Exchange since July 2020 [3] - The company has strategically focused on cities in the Yangtze River Delta region, including Shanghai, Hangzhou, Suzhou, Nanjing, and Hefei, as well as the Guangdong-Hong Kong-Macau Greater Bay Area and the Chengdu-Chongqing region [3]
港龙中国地产1.8亿美元债违约